AXA Files for Annuity Exchange Offer
June 1, 2019 by Rebecca Moore
In a filing with the Securities and Exchange Commission (SEC), AXA Equitable Life Insurance Co. has announced an offer for certain participants in the AXA Retirement 360 Defined Contribution Program to be able to exchange some or all of their EQUI-VEST variable annuity holdings for one of the program’s mutual fund options without imposing a withdrawal charge.
The offer is being made to participants in a small number of plans in which the plan sponsor has decided to no longer allow contributions to the EQUI-VEST variable annuity and to make AR360 available as an option. In order to allow these changes, AXA is required to file with the SEC.
In the filing, AXA notes that if a participant chooses to move assets from the EQUI-VEST annuity contract to a mutual fund offered under the program, they will lose the guaranteed benefits associated with the variable annuity.