AXA Equitable Unveils Crossings(SM): My Lifeti...( Innovative Rollover Variable Annuit...),Health
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AXA Equitable Unveils Crossings(SM): My Lifetime IRA(SM)
Date:4/1/2008
Innovative Rollover Variable Annuity with Guaranteed Withdrawal Benefit Turns Assets from Retirement Plans Into Guaranteed Income for Life for
Fortune 1000 Employees
NEW YORK, April 1, 2008 /PRNewswire-FirstCall/ -- AXA Equitable Life Insurance Company, which pioneered living benefits in variable annuities, today launched a new variable annuity -- Crossings(SM): My Lifetime IRA(SM), designed specifically as a rollover option for employees taking distributions from employer-sponsored retirement plans at Fortune 1000 companies. Crossings(SM) is the first product developed by Corporate Markets, AXA Equitable's newly created business unit providing retirement plan solutions and strategies to large corporations. Crossings(SM) is not available through any other business unit. Bill McDermott, Executive Vice President of AXA Equitable and Head of Corporate Markets, made the announcement.
Data from the fourth annual AXA Equitable Retirement Scope released in January 2008, which surveyed workers and retirees about their financial preparations, quality of life and views on retirement, show that Americans are deeply concerned about outliving their retirement savings. They also want protection against market volatility, as well as the ability to maintain their quality of life after retirement. According to the results, more than 70% of workers believe employers are responsible for retirement readiness. Crossings(SM) is designed to address these retirement concerns, and do so as a supplement to the employer's benefit plans.
"Many plan sponsors have focused on employee savings and investment
decisions to create retirement readiness," said Mr. McDermott. "But what we
call the Third Decision -- that is, the decision on what to do with the
plan distribution -- has been largely unaddressed by most plan sponsors."
For these reasons, Corporate Markets initially focused on developing a
rollover product that also provides comprehen
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| SOURCE AXA Equitable Life Insurance Company Copyright©2008 PR Newswire. All rights reserved |
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