SEI Announces New Annuity

May 2, 2002 ( - Plan sponsors may want to steer retirement plan participants towards a new annuity product from SEI Investments.

SEI announced the launch of the SEI Select Variable Annuity, which the company said was available to retirement plans via SEI’s financial advisor network.
According to SEI’s product announcement, the annuity features:

  • the ABE Advantage that allows investors to transfer an existing annuity contract to the new annuity while sustaining their accumulated death benefit coverage,
  • the Income4Life Solution, which allows the investor to access funds to take a vacation, fund a grandchild’s tuition or respond to an emergency during the access period without sacrificing a lifetime income stream,
  • the choice of a Fixed Account investment alternative in the form of a one-, three- or five-year market value adjusted account or a six- or twelve-month dollar cost averaging account

SEI Rewards offers the contract owner 1% bonus on deposits on annuity assets if the sum of all SEI deposits (mutual funds, managed accounts and other variable annuities) exceeds $1 million and the value of the annuity is greater than $200,000.

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The annuity features a choice of six death benefits.

It also offers investors the choice of twelve asset allocation portfolios consisting of ten manager-of-managers insurance funds.