Impersonation Mode

Plan participants have the option of purchasing fixed annuities to provide guaranteed lifetime income from their defined contribution plan assets.

Key Features

  • A group annuity contract that provides plan sponsors with the ability to offer guaranteed fixed annuities to their defined contribution plan participants
  • An open-ended contract permitting the purchase of annuities over time as individual participants retire
  • May be used for any portion of the retiree’s defined contribution assets
  • Various annuity options are available (e.g., Life Only, Period Certain, Joint & Survivor, COLAs, etc.)
  • Pacific Life assumes all risks and makes payments directly to annuitants
  • Pacific Life is responsible for annuitant servicing and bears all administrative costs

When to Use

  • When you want to provide more lifetime income options for your employees
  • Put a master contract in place now so that it can be ready if/when your retirees wish to purchase lifetime income in the future
    (Note that actual annuity purchases are optional; there is no requirement to purchase annuities at the point the contract is put into effect or at any time subsequently.)