Agilis Unveils PensionBuilder™: A Comprehensive Solution for Lifetime Retirement Income
Rhea-AI Summary
Agilis Partners has launched PensionBuilder™, a patent-pending solution providing lifetime retirement income for employees and retirees. The system enables eligible participants to convert defined contribution plan savings into lifetime income through competitive annuity purchases from leading insurers at group pricing rates. Alight Solutions (NYSE: ALIT) will provide comprehensive support services including call center assistance and website management.
PensionBuilder allows participants to select their desired conversion amount and annuity payment form during a time- window. The solution operates outside the plan via Individual Retirement Accounts (IRAs), avoiding in-plan annuity option restrictions. The service comes at no cost to companies, with Agilis acting as a fiduciary in insurer selection.
Positive
- Solution provides guaranteed lifetime income stream for participants
- Group pricing rates offer competitive value for participants
- No implementation cost for companies
- Operates outside plan restrictions via IRAs
- Partnership with NYSE-listed Alight Solutions for operational support
Negative
- Time- window for participation restricts flexibility
- Requires conversion of existing retirement savings
News Market Reaction 1 Alert
On the day this news was published, ALIT declined 0.42%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Empowering participants to buy lifetime income at group pricing to create a "personal pension"
In collaboration with Alight Solutions (NYSE: ALIT), a leading cloud-based human capital technology and services provider, Agilis PensionBuilder offers comprehensive support services, includes call center assistance, website management, and operational support.
"With the decline in traditional pensions and growth in DC plans, we are approaching a new paradigm in the US retirement system: a significant portion of monthly expenses must be covered by DC account balances rather than a monthly pension check" said Tom Cassara, CEO of Agilis. "Our mission at Agilis is to bring innovative and sustainable retirement solutions to the market. PensionBuilder allows plan sponsors to provide their employees with the peace of mind that comes from knowing they will have a guaranteed income stream throughout their retirement."
By leveraging their expertise in the pension risk transfer market, Agilis enables eligible employees and retirees to convert their defined contribution plan savings into lifetime income. Participants are given a time-limited window to select the amount they wish to convert and the form of annuity payment that suits their needs. Agilis then secures competitive bids from leading insurance companies, converting a portion of the participants' retirement savings into annuities based on prevailing market rates and group pricing. This process ensures participants receive the best value and a secure income stream for life. Additionally, because the annuity purchase is made outside the plan via Individual Retirement Accounts (IRAs), PensionBuilder is not subject to the restrictions that apply to in-plan annuity options.
"PensionBuilder combines the best aspects of a traditional pension--a predictable monthly payment for life--without the cost volatility that led many employers to abandon DB plans," said Michael Clark, Chief Commercial Officer at Agilis. "Our solution is easy to implement, simple to communicate, and flexible in payout options--all at no cost to the company and with Agilis acting as a fiduciary in selecting the insurer. As retirement planning becomes more complex, having a solution like PensionBuilder is essential to ensuring financial security."
"PensionBuilder is a modern solution that merges the benefits of lifetime income with flexibility for both employers and employees," added Greg Long, Head of Public Policy at Alight. "Whether for current employees or retirees, PensionBuilder gives plan sponsors the tools to enhance retirement outcomes in an era of uncertainty."
About Agilis
Agilis provides actuarial and investment consulting using a strategic approach to create innovative solutions for our clients, leading them on the journey through implementation. Focused on solutions entailing outsourced CIO (OCIO), actuarial and investment consulting, derivatives management, specialty investment management strategies, pension administration services, annuity buyouts and plan terminations, and pooled employer 401(k) consulting, we find dynamic solutions that create financial momentum for our clients and create breakthrough strategies to seize growth opportunities. For more information, please visit https://agilis.llc/.
About Alight Solutions
Alight is a leading cloud-based human capital technology and services provider for many of the world's largest organizations and over 35 million people and dependents. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. Our Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life's most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more about the Alight Benefits Advantage™ at alight.com.
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SOURCE Agilis
FAQ
What is Agilis PensionBuilder and how does it work with Alight Solutions (ALIT)?
What are the main benefits of PensionBuilder for retirement plan participants?
How much does PensionBuilder cost for companies to implement?
When can participants convert their savings using PensionBuilder?
