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I want to tackle the retirement and protection needs of individuals. This website content is intended for use by Financial Professionals.

Pension Risk Transfer

Mitigate pension liabilities with de-risking strategies

For over 35 years, as a respected leader in pension risk transfer (“PRT”) planning, implementation and administration, we have continued to specialize and innovate in pension “de-risking” .  We offer defined benefit plan sponsors customized single premium group annuity de-risking products with full, in-house benefit administration services which include:

Buy Out De-Risking Structures

  • Plan termination (“close-out”) covering retirees and deferred participants in qualified employer-sponsored pension plans, including account / cash balance plan type plans, plans with unique or complex provisions, and benefit services.
  • Settlement (“lift-out”) of partial benefit liabilities for retirees and / or deferred participants.

Buy In De-Risking Structures

  • Retirees only or retirees + deferred participants, with the optionality and ability to complete a future plan decision to convert the Buy-In to a Buy Out structure, typically upon plan termination.
  • Periodic, plan pre-determined Buy-Out conversions.

Our insurers institutionally-price and design bespoke group annuity contract (“GAC”) solutions to specifically address the needs of plan sponsors who decide to partially de-risk or completely exit their defined benefit pension plan liability by transferring accrued benefit liabilities and administrative responsibilities to our life insurance companies. GACs provide a guaranteed, fixed immediate or deferred annuity for each plan member and include seamless transition to our participant benefit administration services.

We provide clear, well-crafted and skillfully underwritten group annuity contracts to plan sponsors for deal sizes starting in the millions into the billions, including guaranteed, separate account contracts, and assets-in-kind transactions. Each plan is different and, consequently, each group annuity contract is unique and is based on detailed contract specifications, plan information and annuitant data. Further, our seamless proprietary and tested project onboarding experience is built on decades of pension risk transfer experience.

Pension Risk Transfer Group Annuity Contracts

  • Eliminates plan risks, including interest rate, investment, longevity, early retirement, and volatility. 
  • Can reduce or eliminate plan expenses and end PBGC premiums, employer contributions, actuarial, consulting and investment management fees, and plan reporting and administration costs.
  • Single premium GAC covers all expenses-no recurring contract fees.
  • Includes full-service, seamless transition from the plan to our insurers’ in-house pension benefit administration and participant services. 
  • Includes tax reporting, annuity calculations and benefit commencement forms for deferred annuitants.

Our Team

Our team includes more than 60 professionals dedicated exclusively to pension risk transfer underwriting and contract services.  Dedicated solely to pension risk transfer consultants, plan sponsors and participants, we serve more than 200,000 annuity customers from a variety of plan types and industries.

Pension risk transfer products are insurance products issued by American General Life Insurance Company (AGL) except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life).   AGL and US Life offer insurance products and services and are not pension plan consultants, advisors or plan fiduciaries as defined under applicable laws or regulations.

Employer / Consultant Contact:

Richard S. Weiss

VP, Institutional Markets, Pensions

Email: Richard.Weiss@corebridgefinancial.com

Telephone: (908) 334-4631

For Participant Services, Contact:

Pension Risk Transfer

A respected leader in pension risk transfer (PRT) for over 35 years, we offer employer’s Single Premium Group Annuity (SPGA) products for:

  • Defined benefit pension plan termination (terminal funding)
  • Settlement of partial benefit liabilities (corporate and union plans, cash-balance plan specialists, and underwriting and administration of unique provisions)

Institutionally-priced group annuity solutions are designed for employers who have decided to exit their pension plan by transferring accrued benefit liabilities and administrative responsibilities to an insurer. Annuity contracts provide a guaranteed, fixed immediate or deferred annuity for each plan member and include participant administration services.

Advantages

  • Eliminates plan risks, including interest rate, investment, longevity, early retirement and volatility 
  • Eliminates plan expenses and ends PBGC premiums, employer contributions, actuarial, consulting and investment management fees, and plan reporting and administration costs 
  • Insurance premium covers all expenses—no recurring contract fees 
  • Includes full-service benefit administration and participant services 
  • Includes tax reporting, annuity calculations and benefit commencement forms for deferred annuitants

We offer clear, well-crafted and expertly underwritten group annuity contracts from $1 million to the billions including buy-in, buy-out, guaranteed separate account and assets in kind transation. Each plan is different and, consequently, each group annuity contract is unique and is based on detailed contract specifications, plan information and annuitant data. 

Call us with questions or for assistance.

Benefits of Pension Risk Transfer

Our Pension Risk Transfer (PRT) team understands that many employers and intermediaries are unfamiliar with single premium group annuity products and pension plan buy-outs, buy-ins and settlements. For pension consultants, actuaries and advisors tasked with an SPGA placement assignment, we’re available for guidance and support:

  • Experienced navigation throughout the course of plan termination, providing meaning and context to group annuity pricing and alternative distribution options
  • Expert collaboration with plan sponsors and their advisors, to help develop a suitable RFP and contract that are consistent and compatible with plan benefits, data and administrative requirements
  • Education for clients and partners to help them better understand the group annuity market and products, the annuity placement process and due diligence requirements, and facilitate contract implementation and participant communications

We pioneered the industry’s first SPGA Contract Installation and Benefit Administration Guide for pension plan terminations and settlements, containing details on financial quality (criteria defined by Department of Labor concerning rules for insurer selection), annuity contract experience and service capabilities, contract installation procedures and data requirements, sample participant correspondence and notifications, and a sample group annuity contract.

We are recognized as a premier SPGA underwriter and administrator of customized contracts. Plan advisors and their clients appreciate our expertise, flexibility and collaborative approach in developing accurate, cost-effective contracts for all sizes and types of defined benefit pension plans, along with unique benefit provisions and special administrative services.

All companies mentioned, and their distributors and representatives, are not authorized to give legal, tax or accounting advice. For advice concerning your specific circumstances, consult an attorney, tax advisor or accountant. Annuities issued by American General Life Insurance Company (AGL) except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Guarantees are backed by the claims-paying ability of the issuing insurance company. Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG).

Contact Us

Richard S. Weiss VP, Institutional Markets, Pensions

Email: Richard.Weiss@corebridgefinancial.com
Telephone: (908) 334-4631

Participant Services

Email: pensionsadmin@aig.com
Telephone: (800) 842-3068