National Life Group Expands Presence In Retirement Market
Montpelier, Vermont – National Life Group is well positioned to expand its presence in the retirement industry serving government employees, particularly school district employees in the K-12 market.
For decades, National Life Group, through its member companies, has had a proven track record in providing retirement solutions in the 403(b) and 457(b) markets. Going forward the company will increase emphasis on marketing 457(b) plan solutions. This new initiative will leverage their broad experience and expertise to serve even more people.
Life Insurance Company of the Southwest, a member company of National Life Group, provides tax-deferred retirement products within 403(b) and 457(b) supplemental retirement plans. These products deliver greater choice and flexibility to plan participants, through features allowing flexible contributions, retention and control of accumulated funds, and the ability to withdraw funds for unexpected life events without incurring IRS tax penalties (when permitted by the plan).
“Expanding our presence in the 457(b) market is a natural progression for us,” said CEO Mehran Assadi. “We already provide retirement solutions for thousands of school districts and their employees through our 403(b) offerings and will be able to provide valuable services and solutions to even more people with our expanded presence in the 457(b) market.”
457(b) supplemental retirement plans offer additional tax-deferred savings opportunities to municipal employees, school district employees, and higher-education employees. “Many teachers or school district employees are surprised by the reduction of income they will experience in retirement,” explains Jim Carroll, Vice President-457(b) Distribution for National Life Group. “These employees count on their pension and Social Security to support their lifestyle in retirement, but these sources only provide a fraction of their working income. Our 403(b) and 457(b) products can be coupled with the innovative Guaranteed¹ Lifetime Income Rider2 which can bridge the income gap that many employees face, by providing an additional retirement income source that is guaranteed for life.”
Municipal governments and school districts are challenged with limited resources and find it difficult to navigate the rules and guidelines associated with supplemental plan administration. “Our long history within the supplemental retirement industry allows us to form positive relationships with third-party plan administrators,” says Louis Puglisi, Vice President of Protection and Retirement Distribution. “When we work with entities that are struggling with self-administration, we can facilitate the introduction of a TPA that can significantly reduce the time, effort and cost associated with plan administration.”
Jim Carroll has been promoted to Vice President – 457 Distribution from Regional Vice President and will head a new team focused on the 457(b) market. He will assist agents in identifying opportunities to grow 457(b) awareness and presence. Carroll will continue to be based at National Life Group’s Addison, Texas, offices and will run the 457(b) initiative nationally.
The companies of National Life Group offer a broad range of financial products, including life insurance, annuities and financial solutions in the form of estate, business succession and retirement planning strategies. They are a leading provider of 403(b) and 457 tax-deferred retirement plans, primarily in the K-12 school marketplace.