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Products May 30, 2019
AXA Files for Annuity Exchange Offer
The offer is being made to participants in a small number of plans in which the plan sponsor has decided to no longer allow contributions to the EQUI-VEST variable annuity and to make the AXA Retirement 360 Defined Contribution Program available as an option.
Reported by Rebecca Moore
In a filing with the Securities and Exchange Commission (SEC), AXA Equitable Life Insurance Co. has announced an offer for certain participants in the AXA Retirement 360 Defined Contribution Program to be able to exchange some or all of their EQUI-VEST variable annuity holdings for one of the program’s mutual fund options without imposing a withdrawal charge.
The offer is being made to participants in a small number of plans in which the plan sponsor has decided to no longer allow contributions to the EQUI-VEST variable annuity and to make AR360 available as an option. In order to allow these changes, AXA is required to file with the SEC.
In the filing, AXA notes that if a participant chooses to move assets from the EQUI-VEST annuity contract to a mutual fund offered under the program, they will lose the guaranteed benefits associated with the variable annuity.
AXA’s launch of the AXA Retirement 360 Defined Contribution Program in 2017 provides more choice and flexibility to plan sponsors and participants.
AXA Retirement 360 is an open architecture defined contribution (DC) mutual fund program designed for 401(k), 403(b), 457(b) and 401(a) plans. It features access to the broad mutual fund marketplace as well as a non-mutual fund option for retirement certainty with the AXA Fixed Account through a group fixed annuity from AXA Equitable Life Insurance Company.