In its announcement of the move late Monday affecting its Group Pensions business line, the New York-based company said that, effective immediately, it had cut off sales of its Guardian Advantage group variable annuity.
The annuity serves a funding vehicle for 401(k) and pension plans.
However, the company said it would continue to service existing plans.
“Guardian is a financially strong and stable company focused on its core businesses, which are thriving,” the company said in a statement. “However, the company has noted that with continued volatility in the stock market and in the overall economy, its Group Pensions business has been vulnerable….its goal for achieving profitability in this business is farther off than anticipated.”
The Guardian Advantage product offered a lineup of investment options covering a range of asset classes, recordkeeping services, and customized participant education, according to the company’s Web site. .