NEWPORT BEACH, Calif.–(BUSINESS WIRE)–May 18, 2022–
Pacific Life today announced a new collaboration with Wespath Benefits and Investments and WTW (formerly Willis Towers Watson) to provide the qualifying longevity annuity contract (QLAC) option in Wespath’s enhanced LifeStage Retirement Income program.
The program provides participants with a new interactive retirement income modeling tool, an optional social security bridge, and an optional QLAC.
“We believe that the unique solution Wespath developed will provide enhanced lifetime income security for participants in retirement,” said Paul Hance, senior vice president and head of the Customer Solutions Group for Pacific Life’s Institutional Division.
“The LifeStage Retirement Income program provides features that few, if any, financial services firms offer in a packaged manner,” said Martin Bauer, senior managing director, Wespath Benefit Plans. “We’re particularly pleased to partner with WTW in the development of the new program features and with Pacific Life in offering the longevity income protection annuity.”
The optional longevity income protection feature helps protect participants against the risk of outliving their savings. With Pacific Life’s QLAC, participants are guaranteed a retirement income stream starting at age 80, regardless of how long the participant and, if applicable, their spouse lives. In addition, the QLAC will reduce required minimum distributions providing additional tax planning options.
“We are honored to be selected as the provider for the QLAC portion of the LifeStage Retirement Income program,” said Ruth Schau, senior director of Pension Solutions for Pacific Life.
To learn more about Pacific Life’s qualifying longevity annuity contract, please visit www.PacificLife.com.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuitiesand mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest US companies as its clients and was named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial-strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.
2022 World’s Most Ethical Companies® is based on the Ethisphere Institute’s Ethics Quotient®. “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC.
Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is responsible for the financial obligations accruing under the products it issues. Annuity products are not FDIC insured, may lose value, and are not guaranteed by any bank. Fixed annuity products issued by Pacific Life (Newport Beach, CA) are available through licensed, independent third parties.
About Wespath Benefits and Investments
Wespath Benefits and Investments (Wespath) is a not-for-profit agency that has been serving The United Methodist Church (UMC) for over a century. In accordance with its fiduciary duties, Wespath administers benefit plans and, together with its subsidiaries, including Wespath Institutional Investments, invests over $29 billion in assets on behalf of over 100,000 participants and over 100 United Methodist-affiliated institutions (as of December 31, 2021 ). Wespath invests in a sustainable manner that seeks to achieve a positive financial, social, and environmental impact while upholding the values of the UMC. Wespath maintains the largest reporting faith-based pension fund in the world. For additional information about Wespath Benefits and Investments, please follow us on Twitter, Facebook, Instagram, and LinkedIn.
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at wtwco.com.
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CONTACT: Jesse Page
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: Pacific Life
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PUB: 05/18/2022 10:00 AM/DISC: 05/18/2022 10:00 AM