AllianceBernstein Launches Groundbreaking In-Plan Guaranteed Income Target-Date Solution Backed By Three Leading Insurers

NEW YORK, Nov. 29, 2010 /PRNewswire/ -- AllianceBernstein today announced the launch of Secure Retirement Strategies (SRS), a groundbreaking target-date solution that provides guaranteed lifetime retirement income to participants of large defined contribution (DC) plans that is backed by multiple insurers – AXA Equitable Life Insurance Company, Lincoln Financial Group and Nationwide Financial.

SRS draws upon AllianceBernstein's capabilities and extensive experience in delivering target-date solutions to DC plans.  This solution integrates guaranteed lifetime income into a multi-manager target-date fund, freeing plan sponsors from dependence on any single insurance company or investment manager.

"The 2008 financial crisis left many participants uncertain about their retirement security and has underscored the need to provide lifetime income within DC plans," explains Thomas J. Fontaine, Head of AllianceBernstein Defined Contribution Investments (ABDC). "Single-insurer products are available today, but based on our conversations with large plan sponsors, multiple insurers are a 'must have' for their guaranteed retirement income offerings.  SRS is specifically designed to meet the needs of plan fiduciaries who want to diversify the insurers providing their retirement income guarantee."

SRS is simple for participants because the target-date fund automatically invests in a guaranteed lifetime withdrawal benefit.  Unlike a traditional fixed annuity, this insurance provides a guaranteed lifetime income stream while giving participants full access to their account balance at all times.  The amount of lifetime income may increase in good markets but will not decrease in poor markets.

"Our goal is to provide a simple in-plan guaranteed income solution for participants while ensuring it works for the plan sponsor as well as all the providers," according to Mark Fortier, Head of Product and Partner Strategy at ABDC. "Each constituency has a different set of needs that must be met, but the common thread is the desire for a solution that can operate effectively for decades to come.  Partnering with key providers on a common platform allows fiduciaries of large plans to implement multi-insurer in-plan income guarantees — AllianceBernstein has collaborated with AXA Equitable, Lincoln and Nationwide to make this possible."

To learn more about SRS, please go to alliancebernstein.com/secure-retirement-strategies.  Insurance products are subject to regulatory approval.

ABDC is a business unit of AllianceBernstein that offers a full range of solutions to meet the needs of DC plan sponsors and participants. For more information on ABDC, please go to www.abdc.com.

About AllianceBernstein

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private clients in major world markets.

At September 30, 2010, AllianceBernstein Holding L.P. owned approximately 36.7% of the issued and outstanding AllianceBernstein Units and AXA, one of the largest global financial services organizations, owned an approximate 63.0% economic interest in AllianceBernstein.

Additional information about AllianceBernstein may be found on our internet site, www.alliancebernstein.com.

©2010 AllianceBernstein L.P.

SOURCE AllianceBernstein