Lincoln Financial Launches Lincoln American Legacy Retirement
PHILADELPHIA, PA, October 3, 2006 -- Lincoln Financial Group's Employer Markets Division announces the launch of Lincoln American Legacy Retirement(SM), a multi-manager group variable annuity that features 20 investment options managed by American Funds. Lincoln Employer Markets, comprising Lincoln Financial Group's Defined Contribution, Executive Benefits, and Group Protection businesses, is a newly formed division strategically created to provide employers and employees with integrated solutions for all non-healthcare-related benefits.
Based on the strength of Lincoln Financial Group's relationship with American Funds and their reputation as one of the oldest and most respected mutual fund families in the United States, the Lincoln American Legacy Retirement(SM) product enables employers to offer their employees a flexible and powerful investment tool for retirement.
"We are proud to announce the official launch of the Lincoln American Legacy Retirement(SM) product," said Wes Thompson, president of Lincoln Employer Markets. "The powerful combination of Lincoln's expertise in the retirement income space and American Funds' reputation for high quality investment offerings provides a strong option for both employers and their employees."
With the success of Lincoln's 20-year relationship with American Funds through the Lincoln American Legacy(R) variable annuity, the Lincoln American Legacy Retirement(SM) product offers plan sponsors and participants brand recognition and a solid fund lineup. In addition to 20 investment options managed by American Funds, the product's 46-fund offering includes the ability to choose from a variety of different asset managers including Delaware Investments, AllianceBernstein, Baron Funds, Fidelity Investments, Franklin Templeton Investments, MFS Investment Management, and Neuberger Berman. The program also offers the Lincoln VIP Profile lifestyle funds, a risk-based portfolio of funds of funds, managed by Wilshire Associates.
The Lincoln American Legacy Retirement(SM) product comes on the wake of the passage of the Pension Protection Act of 2006 and builds on Lincoln's commitment to help meet the evolving retirement income security needs of pre- retirees.
"Given the passage of the Pension Protection Act, the launch of our new group variable annuity product is an especially well-timed offering for Lincoln," said Jeff Coutts, head of product and marketing for defined contribution and executive benefits for Lincoln Employer Markets. "This, combined with the flexibility of the product and the American Funds relationship, will make the Lincoln American Legacy Retirement(SM) product a powerful investment option for retirement."
Flexibility
The Lincoln American Legacy Retirement(SM) product offers plan sponsors flexibility. The product can be used to fund a variety of defined contribution plans including 401k, governmental 457, money purchase and profit sharing plans including new comparability. The Lincoln American Legacy Retirement(SM) product has the option of being serviced through a third party administrator (TPA) or fully serviced by Lincoln. In the full-service, or bundled model, Lincoln handles all administrative and compliance duties. In the TPA model, a plan sponsor can use a local TPA to handle compliance services for their plan. The product offers plan design flexibility, safe harbor, automatic enrollment, plus plan design and consulting services from an experienced professional staff and sales force. The Lincoln American Legacy Retirement(SM) product's varying plan structures and ranges of pricing options assures intermediaries and plan sponsors that they will have the appropriate plan design and level of service to meet their needs.
Distribution Model
Lincoln Employer Markets has created a team of wholesalers solely dedicated to the national distribution of the Lincoln American Legacy Retirement(SM) product. The sales force will focus distribution of the group variable annuity via the wirehouse, regional broker/dealer, select group of independent planner firms and bank channels.
"Under the leadership of our new national sales director, Greg Poplarski, we have assembled a very talented sales force dedicated to the Lincoln American Legacy Retirement(SM) product," said Don Roberson, senior vice president for distribution of defined contribution and executive benefits for Lincoln Employer Markets. "This wholesaling team will focus its efforts on providing support to financial advisors and other intermediaries who work with closely held businesses and small companies for their retirement income needs."
About Lincoln Financial Group
Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. With headquarters in Philadelphia, Lincoln Financial Group had consolidated assets of $167 billion as of June 30, 2006, and had annual consolidated revenues of $5.5 billion in 2005. The company offers: annuities; life, group life and disability insurance; 401k and 403b plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services.
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