Mbs Industry Analysis

878 words - 4 pages

The Evolution of Defined Contribution
FPK Conference
May 21, 2009

Seth Masters
Chief Investment Officer Blend Strategies/ABDC

AllianceBernstein® and the AB AllianceBernstein logo are trademarks and service marks owned by AllianceBernstein L.P.

The Future of DC: Bundled Asset Allocation
Total DC Assets (US Market)
($ Trillion) $8.5 Tril. 3.0 Other

$4.1 Tril. 5.1 3.2
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Asset Allocation Strategies

0.1 0.7
Source: McKinsey and Company, Redefining Defined Contribution, 2008 and AllianceBernstein


Stable Value



Our Philosophy: Build DC Plans Around the Best of DB

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4 billion 20,200 Internal

Aerospace $20+ billion 120,000+ ING/CitiStreet

State Government $9.2 billion 404,000 ICMA and ING/CitiStreet

Manufacturer $4.2 billion 23,400 Fidelity

Chemicals $0.7 billion 3,800 JP Morgan

AllianceBernstein $0.4 billion 5,900 ING/Citistreet

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As of March 31, 2009 Source: AllianceBernstein



AllianceBernstein’s Evolving DC Focus


Target-Date Construction

Regulation and Communication

Open-Architecture Guaranteed Income Target-Date Funds Target-Date Funds

? 2005 2006 2007 2008 2009

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Retirement Strategies

Pension Protection Act

Customized Retirement Strategies (CRS)

ABDC Formed

Secure Retirement Strategies



Key Attributes of a Superior Guaranteed Income Solution
Meeting the Needs of Participants and Sponsors: Deliver the Best of DB, Preserve DC Practices
Participants Plan Sponsors Secure Retirement Strategies

Secure lifetime retirement income Potential for capital market appreciation Full control of assets and access to cash Account value passes to beneficiary Easy to use QDIA (integrated into target-date fund)
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Adapts to better guarantee rates if available Fully transparent institutional...

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