Fidelity Offers Plan Participants Annuities for Retirement Income

October 3, 2006 ( - Fidelity Investments announced the availability of Fidelity Lifetime Income Solutions (FLIS), an out-of-plan annuities selection program designed to help plan sponsors provide participants a way to convert some of their retirement savings into guaranteed lifetime income.

According to a press release, FLIS assists plan sponsors and employees with the  task of selecting and monitoring an annuity provider by pre-screening insurance carriers for creditworthiness, strength of management, long-term capacity and competitive design. FLIS also ensures that participating carriers compete on every fixed income annuity quote, which can help employees get better payouts.

FLIS offers a variety of annuity options to meet the differing needs of participants, including fixed annuities, variable annuities, and a combination of both, the release said. Additionally, to help employees determine whether an annuity lifetime income solution is right for them, how much of their savings they may wish to convert, which type of annuity best suits their needs and how to take next steps, FLIS provides employees with educational materials, planning tools and access to annuity specialists.

Jeffrey Carney, president of Fidelity Institutional Retirement Services said in the release that because Americans are living longer, it makes sense “to consider annuities as insurance against the risk of outliving their assets.”

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