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Buying Annuity Contracts for Terminating DB Plan

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One of our DB plans is considering termination by buying annuity contracts from an insurance co. This plan has about 40 participants, half of whom are nonresident aliens. The plan does not allow for lump sums (other than for small benefits).  The plan's assets is about $18 mil.

We have contacted several insurance companies and none would provide a quote, either because the plan is too small or because it covers nonresident aliens.

Can anybody recommend an insurance company that would be willing to sell annuities for this type of plan? any help would be appreciated.

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My firm can help. We have been doing DB buyouts for almost 40 years. We have in-house software to run illustrations for costs before sending to the insurance companies. Once we run the illustration we will shop the insurance market and help your client meet their fiduciary 95-1 obligations.

My email is mark.doloughty@dietrichannuity.com

Mark

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Non-resident aliens pose some unique challenges for a terminating plan. Most insurance carriers shy away from this risk. Today we have 16 insurance carriers meeting the DOL’s criteria for “safest available annuity provider”. 

We can leverage our long term relationships with these carriers  to produce actual quotations for this risk, not just illustrations.

Feel free to call or e-mail John Neison (jneison@octoberthree.com 843.524.2491)to discuss how we can help you.
 

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Our firm also has years of experience guiding clients through pension plan buy-outs and plan terminations. In addition to gathering quotes from annuity providers, we acknowledge our co-fiduciary status when recommending the safest available annuity provider in accordance with DOL IB 95-1.

My email is adam.white@riverandmercantile.com. We would be happy to set up a call to discuss how we can help you. 

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