Fidelity

Privately held Fidelity Investments is one of the largest investment companies in the United States. Fidelity offers a vast range of investing, insurance, advisory, employee benefit and brokerage services and its product offerings include life insurance, long-term care and annuities.
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Websitehttp://www.fidelity.com
TypeInsurance Company
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CountryUSA
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Information & Articles about Fidelity

Fidelity Investments recently announced that it reached $1 billion in sales with its MetLife Growth and Guaranteed Income ("MGGI") variable annuity product offering.

The MetLife Growth and Guaranteed Income product has only been available since November 2009.

The MGGI product is manufactured by MetLife and distributed exclusively by Fidelity.

The MGGI product is a deferred variable annuity with a living benefit rider.  The living benefit rider is a guaranteed lifetime withdrawal benefit (GLWB) that offers between 4 and 6 percent.

According to MetLife EVP Robert E. Stollman:

“Strong sales of the MGGI variable annuity show a demand and growing receptiveness in the public for a product that can help individuals secure a steady stream of income in retirement,”

Source: Business Wire

Full Story

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There is a good article in CFO Magazine that discusses in-plan annuities--in other words, annuities within defined contribution pension plans such as 401k.

Per usual, lots of curiousity and interest among employees (at least in knowing more and understanding the options that might be available to them).

On the other hand, employers / plan sponsors are hesitant to say the least--primarily due to the fiduciary liability issue.

For example, out of the 19,000 defined contribution plans administered by Fidelity, only 1 offers an annuity option and only 10 percent of that plan's participants take advantage of that option.

 

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The first thing you should do is check with your previous employer--likely the human resources department--to hear about the plan policy directly from them.

That said, the contributions you have made to the 401k plan and any employer contributions that are vested are your property.

Generally, there are several options available to employees when they leave an employer:

  1. You can move the funds into a rollover individual retirement account (IRA).  This transfer should be able to occur without any penalties or taxes.  You would need to find a custodian for the rollover IRA.  Many financial institutions such as Vanguard, Fidelity, Schwab, etc can serve as a custodian and offer rollover IRAs.
  2. If you have accepted a new job and changed employers, you should be able to transfer the funds into the new 401k plan if it exists.
  3. You should be able to leave the funds in your previous employer's 401K plan for a certain period of time.  Check with your previous employer on this.
  4. A non-qualified distribution: You can receive the funds from the plan without putting those funds into a rollover IRA or a new 401k plan.  There are taxes and penalties, however, associated with a non-qualified distribution.

 

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