Products January 9, 2025

Product & Service Launches

AllianzIM brings buffer allocation ETFs to market; Ibexis Life & Annuity announces new fixed-index annuity series; Payroll Provider Green Leaf launches cannabis industry 401(k).

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AllianzIM Launches Buffer Allocation ETFs

Allianz Investment Management LLC, a subsidiary of Allianz Life Insurance C. of North America, has launched a suite of Buffered Allocation exchange-traded funds.

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The AllianzIM 6 Month Buffer10 Allocation ETF and the AllianzIM Buffer20 Allocation ETF are designed to provide the benefits of buffered ETFs without the time and resources required to monitor multiple funds, with each having a single ticker on the New York Stock Exchange.

As funds of funds, the buffered allocation ETFs seek to provide capital appreciation with downside risk mitigation. The funds invest in a laddered portfolio of AllianzIM Buffer ETFs, with underlying ETFs having either a 12- or six-month outcome period. Each month, one of the underlying ETFs resets back to a full 10% or 20% buffer and adjusts the cap based on market volatility for the new outcome period.

The ETFs are offered at an expense ratio of 79 basis points annually.


Ibexis Life & Annuity Announces New Fixed-Index Annuity Series

Ibexis Life & Annuity Insurance Co. has announced its WealthDefender Series.

The series offers guaranteed participation rates or an enhanced bonus option, as well as a bailout rate and full liquidity for disability, nursing home confinement or terminal illness care. Crediting strategies include the S&P 500, as well as two proprietary indices.

The WealthDefender Series will be offered through select distribution partners operating in the 45 states in which Ibexis has insurance licenses.

Payroll Provider Green Leaf Launches Cannabis Industry 401(k)

Green Leaf Business Solutions, a human resources and payroll solutions company for the cannabis industry, has launched GreenPath 401k, a retirement plan solution for the cannabis industry. 

Green Leaf calls the plan the first to offer cannabis businesses a retirement plan solution for employees. First Citizens Bank is the custodial agent and banking partner for the plan.

“We believe every employee, regardless of the industry they work in, deserves access to a top-tier retirement plan,” says Tyler Priest, Green Leaf Business Solutions’ chief revenue officer. “We spent years perfecting a program that adhered to federal and state guidelines, clearing the way for institutional grade 401(k) providers to work within this unique market segment.”

Green Check, a cannabis banking firm, is providing the account onboarding and verification services for the plan.

GreenPath 401k is a member of the National Association of Cannabis Compliance, working to offer retirement security in the industry.

Deals and People January 8, 2025

DCIIA Names 2025-2026 Executive Committee Members

Another retirement organization, the Institutional Retirement Income Council, named Groom Law’s Kreps as chair of its board.

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The Defined Contribution Institutional Investment Association has announced the organization’s executive committee for the 2025 to 2026 term.

The chair of the executive committee is Mike Raso from PineBridge Investments, and the vice chair is Allegra Heyligers from Allspring Global Investments. Raso previously served as vice chair on the DCIIA executive committee, while Heyligers previously served as treasurer. Mikaylee O’Connor, named head of DC solutions at NEPC in April 2024, will be the new treasurer. 

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DCIIA is a nonprofit organization focused on enhancing the retirement security of American workers. Its mission is to improve defined contribution plans by advancing best practices, education and innovation for institutional investors, plan sponsors and stakeholders involved in the retirement ecosystem. The organization was one of PLANADVISER’S 2024 Vision Award Winners for its contributions to the retirement industry.

“These volunteer leaders are an invaluable part of our member-led collaboration in the pursuit of our vision, to bring together constituents across the financial ecosystem to help America’s workforce save for retirement and achieve broader financial security,” said Lew Minsky, DCIIA president and CEO, in a statement.

Position

Name

Firm

Chair

Mike Raso

PineBridge Investments 

Vice Chair

Allegra Heyligers

Allspring Global Investments

Treasurer

Mikaylee O’Connor

NEPC

Immediate Past Chair

Chris Lyon

Goldman Sachs

Counsel

Marla Kreindler

Morgan, Lewis & Bockius

Diversity, Equity & Inclusion Committee Chair

Kai Walker

Bank of America

Global Committee Chair

Chris Weirath

Morningstar

Global Committee Vice Chair

Brian Abshire

Aon

Investment Policy & Design Committee Chair

Michelle Rappa

Neuberger Berman

Investment Policy & Design Committee Vice Chair

Hannah Schriner

Meketa Investment Group

Plan Design & Administration Committee Chair

Simon Franklin

Empower

Plan Design & Administration Committee Vice Chair

Sue Walton

Capital Group

Plan Sponsor Institute Executive Committee Co-Chair

Beth Pattillo

Leidos

Plan Sponsor Institute Executive Committee Co-Chair

Laura Pugliese

Virginia Retirement System

Public Policy Committee Chair

Michael Kreps

Groom Law Group

Public Policy Committee Vice Chair

Alejandro Roman

S&P Dow Jones Indices

Retirement Income Committee Chair

Jamie McAllister

Callan

Retirement Income Committee Vice Chair

Karen Neeley

Pacific Life

 

The full list of DCIIA executive committee members can be found at this link.

Kreps to Chair IRIC

Michael Kreps

In a separate announcement, the Institutional Retirement Income Council, a nonprofit think tank focused on the DC retirement industry, has announced that Michael Kreps of Groom Law Group, Chartered, has been appointed chair of its board of directors.

A member of IRIC’s board since 2023, Kreps succeeds Martha Tejera, who had served as IRIC’s board chair since October 2023. Kreps is a principal in and chair of the retirement services practice at Groom Law, advising plan sponsors and retirement service providers on plan governance, administration, funding, design, restructuring and other issues.

“Michael brings a wealth of retirement services expertise and dedication to this important role,” Kevin Crain, the IRIC’s executive director, said in a statement. “His firsthand experience with the legislative and regulatory process gives him a perspective that is often instrumental in helping plan sponsors develop and implement effective retirement plan strategies.”

Crain, the former head of Bank of America’s retirement research, took over as executive director of the IRIC in May 2024.

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