Symetra introduces 'Retirement Passport' for 403(b) and 457 Savings Plans

Symetra Life Insurance Company, Bellevue, Wash., has launched Retirement Passport Group Variable Annuity for the 403(b)/457 market.

Retirement Passport (Passport) was designed with schools and nonprofits in mind. The tax-deferred solution offers a array of competitively priced and professionally managed portfolio options from companies including American Funds, 1 Fidelity and Vanguard. It also gives participants access to funds that invest exclusively in socially and environmentally responsible companies. Passport's initial fund lineup includes 60 portfolio options from 13 well-known money managers.

Passport will be available to individuals through their employer – a school district, university, hospital or other nonprofit organization. Product features include contribution minimums as low as $30; free annual withdrawals up to 10% of the participant account value per certificate year; and multiple retirement income options.