This is a 2019 SHRM Annual Conference and Exposition (#SHRM19) interview is with Pacific Life Insurance Company, a provider of many different insurance and financial services and products. Below is a quick Q&A with the company.
Who is Pacific Life!? Tell us everything, just as you would someone approaching your booth and asking you this question at #SHRM19 in Las Vegas.
For more than 150 years, Pacific Life Insurance Company has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Guaranteed lifetime income is a hot topic in the current legislative session as evidenced by the SECURE Act that is making its way through Congress. We also provide pension risk-transfer solutions for frozen defined benefit plans.
Let us in on the magic. What financial services or benefits do you offer to employers?
We offer pension-like income strategies for employers with defined contribution plans. Many employees have saved significant amounts of money in their defined contribution plans, but almost all don’t have a strategy to help ensure that their retirement income will last for the rest of their lives. Employers can offer their plan participants these retirement income solutions at institutional pricing with no commissions to maximize the benefit that can be elected by the employees to guarantee income for life.
What are the biggest challenges companies face when offering their employees these benefits? How do they overcome those challenges?
Educating their employees about guaranteed lifetime income is one of the many challenges facing employers today. In addition, employers are closely focused on the SECURE Act and are looking to see what happens with the legislation for additional guidance on providing guaranteed lifetime income strategies. Overcoming these and other challenges will certainly take some time. Employers are starting to include the topic of lifetime retirement income in their financial wellness programs so that employees will overcome their apathy toward choosing guaranteed lifetime income strategies for themselves.
What do you wish more HR professionals and recruiters knew about your products?
HR professionals have done a wonderful job in providing excellent programs to help employees accumulate retirement account balances through programs such as automatic enrollment, automatic contribution increases, and target-date funds. Retirement income solutions are available at the institutional level. However, due to the indifference of some employees, many employers have not investigated the available strategies. We are here to raise awareness that these retirement income solutions can be easy to implement and can be added to any defined contribution plan.
We noticed that you were named one of the World’s Most Ethical Companies® by Ethisphere Institute in 2019. How has Pacific Life demonstrated a commitment to integrity?
This recognition underscores Pacific Life’s dedication to living our core values every day and a commitment to integrity and doing the right thing in all aspects of business, demonstrating honesty, fairness and respect to policyholders, clients, business partners and employees. Additionally, Pacific Life and the Pacific Life Foundation have provided more than $109 million in funding over the last 34 years to nonprofits serving the communities where our employees live and work, in addition to countless hours of volunteer time. For more than 150 years, Pacific Life has served our policyholders by consistently meeting our obligations, fulfilling our promises as an insurance company, and serving the community.
For anyone who won’t be able to make it to the Pacific Life booth in Las Vegas, what do you want them to know?
We count more than half of the 100 largest U.S. companies1 as our clients and provide innovative and easy-to-implement guaranteed retirement income strategies for employers and their employees. Contact us or go online if you want to learn more about how you can provide guaranteed lifetime income strategies through your defined contribution plan.
Client count as of June 2019 is compiled by Pacific Life using the 2019 FORTUNE 500® list.
Pacific Life, its affiliates, its distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products. Pacific Life, its affiliates, its distributors, and respective representatives do not provide any employer-sponsored qualified plan administrative services or impartial advice about investments and do not act in a fiduciary capacity for any plan.
Pacific Life Insurance Company (Newport Beach, CA) is licensed to issue insurance products in all states except New York. Product availability and features may vary by state. Group annuity products are available through licensed third parties.
For additional company information, including current financial-strength ratings, visit www.PacificLife.com.
PRC1449-0619W
Visit Pacific Life booth #405 at #SHRM19!
Brett Farmiloe is the Founder and CEO – and currently CHRO - of Terkel.io, a platform where business leaders can answer questions related to their expertise and get published in articles featuring their
insights. Brett is a #SHRM22Influencers and has also been a keynote speaker at several state SHRM conferences around the topic of employee engagement.
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