Comparing Retirement Plan Providers
Comparing ARP, 403(b), and 457(b) Plan Providers
Comparing Plan Providers' Fixed Annuities
| Consideration | Equitable | TIAA | AIG | VOYA |
|---|---|---|---|---|
AXA Fixed Account | TIAA Traditional Annuity | AIG Fixed Account | Voya Fixed Plus III | |
| Current interest rate earned on new contributions to fixed annuities | 1.75% | 4.50% | 2.25% | 2.75% |
| Guaranteed Minimum Interest Rate | 1.00% | 1.00% | 1.00% | 1.00% |
| Independent Credit Ratings on the Fixed Annuities | ||||
AM Best | A (3rd of 16) | A++ (1st of 16) | A (3rd of 16) | Not Rated* |
Fitch | Withdrawn | AAA (1st of 19) | A+ (5th of 19) | A (6th of 19) |
Moody's | A2 (6th of 21) | Aa1 (2nd of 21) | A2 (6th of 21) | A2 (6th of 21) |
Standard & Poor's | A+ (5th of 22) | AA+ (2nd of 22) | A+ (5th of 22) | A (6th of 22) |
Comparing Plan Providers' Variable Funds
| Consideration | Equitable | TIAA | AIG | VOYA |
|---|---|---|---|---|
| Actively Managed Mutual Funds - offered by each provider | Multiple Fund Managers | Multiple Fund Managers | Multiple Fund Managers | Multiple Fund Managers |
| Index Funds - offered by each provider | Fidelity | Vanguard | Fidelity | Fidelity |
| Target Date Funds - offered by each provider | TIAA Lifecycle Index | TIAA Lifecycle Index | TIAA Lifecycle Index | TIAA Lifecycle Index |
| Variable Annuities - offered by one provider | N/A | CREF Stock, CREF Social Choice, TIAA Real Estate | N/A | N/A |
Default Option if Fund Not Selected
| Consideration | Equitable | TIAA | AIG | VOYA |
|---|---|---|---|---|
| The Target Date Funds (specific to the age of the participant) are the Default Option | TIAA Lifecycle Index | TIAA Lifecycle Index | TIAA Lifecycle Index | TIAA Lifecycle Index |
Record Keeping Fees
| Consideration | Equitable | TIAA | AIG | VOYA |
|---|---|---|---|---|
| Annual Record Keeping Fee - calculated as a percent of the Participant's assets in the Plan** | 0.15% | 0.075% | 0.15% | 0.20% |
| Plan Administration Fees (charged to participant accounts quarterly) | 0.03% | 0.03% | 0.03% | 0.03% |
* Voya has decided to discontinue its A.M. Best rating. The 2018 sale of Voya's individual annuity business and Voya's decision to cease new individual life insurance sales has diminished the company's need to maintain the ratings from A.M. Best. This discontinuance was based on Voya's business decision and does not reflect any concerns from A.M. Best about Voya's creditworthiness or its ability to meet its ongoing obligations. Prior to this decision, A.M. Best had affirmed its previous strong ratings of Voya.
**Record Keeping fee amounts are divided by 4 and charged quarterly to participant acccounts.
The information contained herein has been obtained from sources that are believed to be reliable. However, Cammack does not independently verify the accuracy of this information and makes no representations as to its accuracy or completeness.