Symetra Life Insurance Company has launched a group variable annuity for the 403(b) and 457 marketplaces, with schools and nonprofits in mind.

The Retirement Passport Group Variable Annuity is a tax-deferred solution that offers managed portfolio options from some of the top funds, including American Funds, Fidelity and Vanguard.

Passport's initial fund lineup includes 60 portfolio options from 13 well-known money managers.

“With a team fully dedicated to the 403(b) business – including experts to offer plan design and compliance coaching, experienced service personnel to answer customer and distributor questions, and SPARK file reporting capability – Symetra is positioned to be a ‘go to’ resource for advisors and third-party administrators serving the education retirement market,” said Richard Lindsay, senior vice president of the Life and Annuities division at Symetra.

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