Symetra Partners with CPI to Offer Daily Value Feature
BELLEVUE, WA, August 2, 2010 -- Symetra Life Insurance Company announced today that its Daily Value Fixed Account (Daily Value) feature for retirement plans is now available on the CPI Qualified Plan Consultants, Inc., retirement program platform. CPI, one of the benefits industry’s largest third-party administrators, provides services to more than 3,700 retirement plan clients and their financial advisors.
The Symetra Daily Value Fixed Account is an unallocated group annuity created for 403(b)/457 plans and other qualified retirement programs such as 401ks. Daily Value is specifically 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. “Symetra is committed to the 403(b)/457 marketplace, and we’re delighted that our partnership with CPI offers our distribution partners and plan sponsors expanded opportunities to serve the retirement-planning needs of educators and employees of nonprofit organizations.”
“We strive to preserve plan design flexibility for plan sponsors and their financial advisers,” said Jon Prescott, CPI’s chief marketing officer. “The addition of the Symetra Daily Value Fixed Account furthers that goal, as well as provides greater depth and choice within our platform. There are only a few fixed account options that are available to the 403(b) and 457 market, so this is an exciting addition.”
About Symetra
Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation (NYSE: SYA), a diversified financial services company based in Bellevue, Wash. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent agents and advisors. For more information, visit www.symetra.com.
About CPI
Since 1972 CPI Qualified Plan Consultants, Inc. has provided recordkeeping and administration services to qualified and non-qualified defined contribution retirement plans. With corporate headquarters in Great Bend, Kansas, CPI has 20 offices located throughout the United States. CPI currently partners with the nation’s most prominent investment institutions and mutual fund companies to provide services to more than 3,700 retirement plan clients and their financial advisers. For more information about CPI, visit www.cpiqpc.com or call 800-279-9916, Ext. 765. CPI is a wholly owned subsidiary of CUNA Mutual Group.
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