Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Products October 1, 2013
Penbridge Database Adds United of Omaha
October 1, 2013 (PLANSPONSOR.com) – United of Omaha Life Insurance Company, a subsidiary of Mutual of Omaha Insurance Company, joined the Penbridge Advisors Pension Risk Transfer (PRT) Database.
Reported by John Manganaro
The agreement provides United of Omaha with a new means of communicating with database users, who in turn now have access to Omaha information and PRT products. The database also provides members and users with updated lists of PRT providers, inventory of available products, contract parameters, financial due diligence information, screening tools, research, pricing data, and various other features.
Penbridge first launched its operations (see “New Firm Offers Pension Risk Transfer Advice“)—and the database—earlier this year, and has since developed business with other insurance providers such as Prudential, Pacific Life, American General, Transamerica and MetLife.
The growth in business comes at a time of ongoing change and ambiguity in the PRT space. A recent white paper published by Penbridge (see “Preparing Assets for Pension Risk Transfer“) found that little consensus exists among the U.S.’s top pension fund advisers as to how assets should be valued during pension-related risk transfers. No method of valuation received the support of more than a third of survey participants.
United of Omaha’s participation in the database will add to the existing information available to the growing number of corporate pension plans considering annuitizing all or part of their pension liabilities, Steve Keating, Penbridge co-founder and principal, said.
Access to the PRT database is available at www.penbridgeadvisors.com/join.