NEWPORT BEACH, Calif.--(BUSINESS WIRE)--A recent study by The Alliance for Lifetime Income indicates that 51 percent of consumers between ages 45 and 75 feel they do not have enough retirement savings to last their lifetime. Launched in early 2020, Pacific Life’s Institutional Business team remains focused on providing innovative retirement solutions to help pave the way for more successful retirement journeys. To continue growth in this area, Karen Neeley recently joined Pacific Life as vice president and head of the Institutional Retirement Solutions Group, reporting to Executive Vice President and Head of Institutional Business Brian Woolfolk. Neeley’s team will focus on defined contribution lifetime income (DCLI) and pension risk transfer (PRT) solutions.
On a recent episode of Pacific Life’s The Wave Strength podcast, Neeley shared her thoughts on innovative product development and relationship building. “Pacific Life has done an amazing job in this space, and we have a wonderful opportunity to help people realize the potential of lifetime income to help improve the quality of their retirement outcomes.”
DCLI and PRT are key growth initiatives for Pacific Life as the company meets the accelerating demand for guaranteed retirement income solutions as part of employer-sponsored, defined contribution plans. In addition to DCLI and PRT, Pacific Life’s Institutional Business also includes stable value wrap and capital markets.
“This is a critical time for retirement preparedness, and we're committed to developing innovative lifetime income solutions,” said Woolfolk. “With Karen's broad experience, depth of knowledge, and thorough understanding of financial services, we look forward to seeing the value she brings to our team and our customers.”
With the addition of Neeley, Pacific Life builds upon its commitment to lifetime income through continuing investments in thought leadership and product innovation. The hire comes at a time when many struggle with retirement education and preparedness, and U.S. news outlets and organizations sound the alarm about an overall lack of retirement readiness. Under Neeley’s leadership, Pacific Life’s Institutional Business is expanding its focus on a solutions-based approach to address the need to better connect product design and delivery with participant education.
Neeley joins Pacific Life with an extensive financial services background, previously holding leadership positions at three Fortune 500 companies. A proven innovator, Neeley was named a 2023 Twin Cities Business Notable Leader in Banking & Finance and was previously recognized as LIMRA’s Top 25 Rising Stars of Innovation under 40. She holds an MBA from the University of Memphis and has a Bachelor of Science in Accounting. Neeley has served on several nonprofit and industry boards throughout her career, including the American Savings Education Council, and is a member of WIPN (formerly known as the National Women in Pensions Network).
For more information about The Wave Strength podcast, please visit the series playlist page.
To learn more about the Institutional Business, please visit www.IN.PacificLife.com.
About Pacific Life
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workplace benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for more than 150 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
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