Press Release

Agilis Unveils PensionBuilder™: A Comprehensive Solution for Lifetime Retirement Income

Issued by Agilis

Oct. 24, 2024

Empowering participants to buy lifetime income at group pricing to create a "personal pension"

BOSTON -- As companies have shifted from traditional defined benefit pension plans to defined contribution (DC) plans, primarily 401(k)s, a pressing need has emerged: participants require predictable lifetime income to protect against the risk of outliving their retirement savings, while employers need cost-effective solutions that mitigate fiduciary risk. Agilis Partners LLC, a leading investment, actuarial and risk management group, is proud to unveil Agilis PensionBuilder™, an innovative, patent pending solution designed to provide lifetime retirement income for employees and retirees.

In collaboration with Alight Solutions (NYSE: ALIT), a leading cloud-based human capital technology and services provider, Agilis PensionBuilder offers comprehensive support services, includes call center assistance, website management, and operational support.

"With the decline in traditional pensions and growth in DC plans, we are approaching a new paradigm in the US retirement system: a significant portion of monthly expenses must be covered by DC account balances rather than a monthly pension check" said Tom Cassara, CEO of Agilis. "Our mission at Agilis is to bring innovative and sustainable retirement solutions to the market. PensionBuilder allows plan sponsors to provide their employees with the peace of mind that comes from knowing they will have a guaranteed income stream throughout their retirement."

By leveraging their expertise in the pension risk transfer market, Agilis enables eligible employees and retirees to convert their defined contribution plan savings into lifetime income. Participants are given a time-limited window to select the amount they wish to convert and the form of annuity payment that suits their needs. Agilis then secures competitive bids from leading insurance companies, converting a portion of the participants' retirement savings into annuities based on prevailing market rates and group pricing. This process ensures participants receive the best value and a secure income stream for life.  Additionally, because the annuity purchase is made outside the plan via Individual Retirement Accounts (IRAs), PensionBuilder is not subject to the restrictions that apply to in-plan annuity options.

"PensionBuilder combines the best aspects of a traditional pension--a predictable monthly payment for life--without the cost volatility that led many employers to abandon DB plans," said Michael Clark, Chief Commercial Officer at Agilis. "Our solution is easy to implement, simple to communicate, and flexible in payout options--all at no cost to the company and with Agilis acting as a fiduciary in selecting the insurer. As retirement planning becomes more complex, having a solution like PensionBuilder is essential to ensuring financial security."

"PensionBuilder is a modern solution that merges the benefits of lifetime income with flexibility for both employers and employees," added Greg Long, Head of Public Policy at Alight. "Whether for current employees or retirees, PensionBuilder gives plan sponsors the tools to enhance retirement outcomes in an era of uncertainty."

About Agilis 

Agilis provides actuarial and investment consulting using a strategic approach to create innovative solutions for our clients, leading them on the journey through implementation. Focused on solutions entailing outsourced CIO (OCIO), actuarial and investment consulting, derivatives management, specialty investment management strategies, pension administration services, annuity buyouts and plan terminations, and pooled employer 401(k) consulting, we find dynamic solutions that create financial momentum for our clients and create breakthrough strategies to seize growth opportunities. For more information, please visit https://agilis.llc/.

About Alight Solutions

Alight is a leading cloud-based human capital technology and services provider for many of the world's largest organizations and over 35 million people and dependents. Through the administration of employee benefits, Alight helps clients gain a benefits advantage while building a healthy and financially secure workforce by unifying the benefits ecosystem across health, wealth, wellbeing, absence management and navigation. Our Alight Worklife® platform empowers employers to gain a deeper understanding of their workforce and engage them throughout life's most important moments with personalized benefits management and data-driven insights, leading to increased employee wellbeing, engagement and productivity. Learn more about the Alight Benefits Advantage™ at alight.com.

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