The Symetra Daily Value Fixed Account is an unallocated group annuity created for 403(b)/457 plans and other qualified retirement programs. According to the announcement, Daily Value is designed to complement the broker-dealer platform of funds by offering a fixed rate of return account that is daily valued, similar to a mutual fund.
“We created the Daily Value feature to merge the safety and stability of a fixed annuity with the convenience many broker-dealers associate with mutual funds. Our new CPI relationship makes it even easier for broker-dealers to expand their platform of funds,” said Scott Bartholomaus, executive vice president of 403(b)/457 Distribution at Symetra, in the announcement.
“There are only a few fixed account options that are available to the 403(b) and 457 market, so this is an exciting addition,” Jon Prescott, CPI’s chief marketing officer, added.