NEW YORK, NY--(Marketwire -10/25/11)- Security Benefit, a Guggenheim Partners Company, today announced an agreement with Pershing LLC, a BNY Mellon company, to make available the EliteDesigns® variable annuity on Pershing's NetX360 platform. This new relationship expands EliteDesigns' distribution footprint and will enable thousands of advisors to consolidate and have access to real time contract data within their clients' Pershing accounts and statements.
EliteDesigns innovative structure combines a tax-deferred variable annuity with 200 well-recognized investment options for Registered Investment Advisors (RIAs) and other fee-only advisors and their clients. Leveraging the advantages of tax-deferral and protection with the power of a diverse investment platform, EliteDesigns is advisor-driven and structured to suit a variety of investment strategies that can meet an expansive array of risk and reward objectives. From a relatively passive but well-diversified buy-and-hold investment program, to a progressive core and satellite model, to a highly sophisticated tactical strategy, EliteDesigns offers a broad range of asset classes and a portfolio of well-known asset managers. For the investment options that permit active trading, there are no trading limits and no redemption fees. Complete product details are available at www.EliteDesignsinvestments.com.
"We are excited to embark on this relationship with Pershing, a firm similar to Security Benefit with an unwavering commitment to independent advisors and their clients. Furthermore, we're confident that advisors will benefit from the ease of integrating their clients' holdings in EliteDesigns with their Pershing accounts creating a better experience for all concerned," said Jim Mullery, President of Security Benefit Distributors.
Sandy Motusesky, Director of Investment Solutions at Pershing added, "We're always seeking to add value to the advisors who trust Pershing every day with their clients' accounts and assets. Independent advisors have a real appetite for an investment focused, competitively priced variable annuity. By adding EliteDesigns to our NetX360 platform, we're ensuring that advisors continue to have access to a wide variety of client-focused investment solutions."
Variable annuities are long term investments suitable for retirement investing.
While taxes on amounts invested in a variable annuity are deferred until withdrawn, withdrawals are subject to ordinary income tax and, if made prior to age 59 1/2, may be subject to a 10% IRS penalty tax. Conversely, earnings from investments that do not offer tax deferral are taxed currently, and withdrawals from such an investment are not subject to the penalty tax.
You should consider the investment objectives, risks, and charges and expenses of the investment options available under the Variable Annuity carefully before investing. You may obtain a prospectus that contains this and other information about the investment options or Variable Annuity by calling our Service Center at 1-800-888-2461. You should read the prospectus carefully before investing. Investing in variable annuities involves risk and there is no guarantee of investment results.
The EliteDesigns variable annuity is a flexible purchase payment deferred variable annuity distributed by Security Distributors, Inc. (SDI). In all states except New York, EliteDesigns (form V6029) is issued by Security Benefit Life Insurance Company (SBL). In New York, EliteDesigns (form FSB242 (1-07)) is issued by First Security Benefit Life Insurance and Annuity Company of New York (FSBL), Rye Brook, NY. SBL is not authorized to and does not transact the business of insurance in the state of New York. SDI is a wholly-owned subsidiary of SBL. SBL and FSBL are wholly-owned subsidiaries of Security Benefit Corporation (Security Benefit). Security Benefit is indirectly controlled by Guggenheim Partners, LLC.
EliteDesigns may not be available in all states. The obligations under the EliteDesigns Variable Annuity are solely those of the issuing insurer and no other entity.
About Security Benefit
Security Benefit fosters strong partnerships to provide insightful and customized retirement solutions for employers and individual investors nationwide. Through a broad advisor network and its nationally recognized money managers, Security Benefit provides mutual funds, annuities, exchange traded funds, broad retirement plans and programs. As an industry leader in service technology, Security Benefit affiliates also offer business processing and broker/dealer solutions tailored to the financial services marketplace. For more information about us, visit www.securitybenefit.com.
About Guggenheim Partners
Guggenheim Partners, LLC is a privately held global financial services firm with more than $100 billion in assets under supervision including management of assets of approximately $80 billion. The firm provides investment management, investment banking and capital markets services as well as insurance and investment advisory solutions for institutions, corporations, governments and agencies, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 22 offices in nine countries. For more information, please visit www.guggenheimpartners.com.