412(i) plan

[Whammer1249]

I've been working on getting referrals from a local trust company. After much work, I received a call today. My contact knew that I used to work directly for Transamerica (I'm now fully independent, but still appointed with them.) They have a local bank as a client which has a 412(i) plan. They are having issues contacting someone with Trans (we all know their customer service is dreadful.) Asked my advice for best contact info at Trans. Also an opportunity to fund with a carrier other than Trans, since they aren't happy but need to continue funding the plan with buy ins. I know nothing about this type of pension plan. Any thoughts or advice? Are they able to change carriers to fund the plan? Best way to proceed? I want to help the participants, and do a good job to get further referrals from this trust company, but not sure next step forward. Thanks!

 

[scagnt83]

That is a dying niche. I think ANICO still does some 412i plans. NYL used to, might still. I would also check with Mass, Penn, and Lafayette.

 

[Whammer1249]

Thanks!

 

[scagnt83]

Thanks!

NP. You could possibly just use any WL policy and utilize a TPA for the admin part.

Try Pentegra, they have a good pension department, and could possibly give you direction on which carriers they see used the most.

 

[Lloyds of Lubbock]

Guardian has a very active 412 e 3 program.
They also have a true retirement annuity