Equitable enhances flagship retirement solution for K-12 educators
September 12, 2024
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New York – September 12, 2024 – Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced a new series to its EQUI-VEST line of deferred variable annuity products, EQUI-VEST® Series 202. This enhanced version is designed to help educators supplement their retirement savings by providing additional choices, flexibility and a level of certainty.
EQUI-VEST® Series 202 is available to employees enrolled in a 403(b) plan at public schools across the United States.1 One notable enhancement, the Structured Investment Option, allows participants to capitalize on potential market gains, up to a cap, while maintaining a level of protection against market losses. Specifically, it provides buffered indexed options that include downside protection up to -30%, longer segment periods and the opportunity to lock in gains. It also provides growth potential that mirrors the index selected up to a cap. EQUI-VEST is the only 403(b) product in the market that offers a variable annuity with an index-linked option.
“Nearly six in ten Americans view the current economic conditions in the U.S. as highly volatile, according to a recent Equitable survey.2 This has workers increasingly looking for solutions to help grow and protect their retirement savings,” said Jim Kais, Head of Group Retirement for Equitable. “Our new EQUI-VEST series builds on our expertise as the leading provider of registered index-linked annuities,3 adding an investment option that helps address these concerns. We hope this makes planning for the future a bit more reassuring for educators, so they can stay focused on teaching their students.”
Along with helping to manage market volatility, EQUI-VEST® Series 202 also addresses longevity risk and decumulation concerns. At retirement, plan participants have the option of turning their 403(b) account values into guaranteed income for the rest of their lives. Equitable research shows that nearly two-thirds of Americans would prefer a steady paycheck rather than having to determine how much to withdraw from their retirement accounts.4
“While pensions are the primary retirement savings vehicle for many public-school teachers, we often find this source of income is not enough on its own to fully replace their income in retirement,” explained Kais. “Our new EQUI-VEST series provides educators with additional options and flexibility to help meet their individual needs, as many depend on their 403(b) plans to supplement their savings for retirement.”
For nearly five decades, Equitable has served more than 800,000 educators across the country as the leader of retirement plans for the K-12 educator market.5 Equitable Advisors has more than 1,100 financial professionals dedicated to supporting educators, providing trusted financial services and strategies to help them supplement their income and make sound financial decisions.
About Equitable
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 3 million clients across the country. Please visit equitable.com for more information.
1 EQUI-VEST Series 202 is available when approved in each jurisdiction, with the exception of New York. The product is available to new 403(b) clients at public schools, colleges and universities as well as 457(b) clients at public schools. It is also available to clients in the nonprofit and 457 governmental markets.
2, 4 The survey was conducted by an independent, global consumer and B2B panel provider. Respondents include 1,000 U.S. adults (ages 18 and older), with the total survey population representative of U.S. demographic data. The online survey was fielded from May 22, 2024, through June 1, 2024. Survey participation was anonymous.
3 This information is based solely upon and up to year-end 2023 total sales. This ranking does not reflect or account for investment performance, product quality or other criteria. Source: Secure Retirement Institute U.S. Individual Annuities Sales Survey, 2024.
5 LIMRA, Not-for-Profit Survey, Q1 2024 results, based on 403(b) plan participants and contributions. This applies specifically and exclusively to Equitable Financial Life Insurance Company (Equitable Financial).
Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company. Equitable is the brand name of Equitable Holdings, Inc., and its family of companies, including Equitable Financial Life Insurance Company (NY, NY) and Equitable Financial Life Insurance Company of America, an Arizona stock company with an administrative office located in Charlotte, NC, issuers of annuity and life insurance products. Equitable Advisors Financial Professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN) and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC; Equitable Network Insurance Agency of Utah, LLC; Equitable Network of Puerto Rico, Inc.
Variable annuities are long-term financial products designed for retirement purposes. In essence, an annuity is a contractual agreement in which payments are made to an insurance company, which agrees to pay out an income or a lump-sum amount at a later date. The variable investment options offered in this contract will fluctuate in value and are subject to market risk, including loss of principal.
EQUI-VEST® Series 202 is offered by prospectus, which contains complete information on investment objectives, fees, charges and expenses. For a prospectus, contact your financial professional or Equitable Financial Life Insurance Company of America (Equitable America). Please read it carefully before investing or sending money.
Certain types of contracts, features and benefits may not be available in all jurisdictions or in all 403(b) or 457 plans. All guarantees are subject to the claims paying ability of Equitable Financial Life Insurance Company of America. With regard to partial downside protection, there is a risk of a substantial loss of principal and previously credited interest because the contract holder agrees to absorb all losses to the extent that they exceed the downside protection provided.
Reference to EQUI-VEST being the only 403(b) product in the market that offers a variable annuity with an index-linked option is as of as of September 12, 2024. This statement is subject to change at any time without notice.
The subsidiaries of Equitable Holdings, Inc., do not provide tax or legal advice. The EQUI-VEST® 202 variable annuity is issued by Equitable Financial Life Insurance Company of America (Equitable America) (not in New York), an AZ stock company with an administrative office located in Charlotte, NC. Co-distributed by affiliates Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC.