(BusinessWire) - Pacific Life and Franklin Templeton have announced a collaboration to jointly tackle the need for lifetime income for defined contribution plan participants through personalization and insurance solutions.
With the recent passage of the SECURE Act 2.0 and continued focus on supportive regulatory legislation, plan sponsors have shown an increased interest in offering lifetime income solutions to plan participants. Pacific Life and Franklin Templeton are well-positioned to offer innovative solutions that are simple to administer and meet plan participants’ needs.
“We’re excited to deepen our longstanding relationship with Franklin Templeton,” said Brian Woolfolk, executive vice president and head of Pacific Life’s institutional business. “Participants are best served when innovation and expertise are leveraged to produce meaningful solutions that result in better retirement outcomes.”
Given Pacific Life’s ability to manage risk through innovative solutions in the lifetime income space, and Franklin Templeton’s strength and expertise in investment management, and robust personalized allocation methodology, this collaboration is a natural fit.
“A one-size-fits-all approach to retirement planning is falling short of the needs of most plan participants,” said Michael Oler, assistant vice president and head of Pacific Life’s defined contribution lifetime income. “This collaboration will address the need for personalization and customization in retirement savings and help plan sponsors help their participants achieve better retirement outcomes.”
According to the 2023 Voice of the American Worker study, research conducted on behalf of Franklin Templeton by The Harris Poll, 85% of U.S. workers would welcome access to a future guaranteed income stream as an employment benefit.
“Crafting next-generation solutions that meet the unique needs of participants is core to our values and allows us to make meaningful progress toward providing financial well-being to all Americans,” said Yaqub Ahmed, Head of U.S. Retirement, Insurance, & 529 at Franklin Templeton.
Both firms have been serving the needs of retirees for decades through thought leadership, education, and awareness tactics within the industry.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2022 is compiled by Pacific Life using the 2022 FORTUNE 500® list.
Pacific Life, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products can be issued in all states, except New York, by Pacific Life Insurance Company or Pacific Life & Annuity Company. In New York, insurance products are only issued by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of January 31, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.
March 8, 2023