67. Collaborating for Retirement Confidence in Defined Contribution Plans

In this episode of The Wave Strength, Pacific Life’s Christine Bass and Brian Galle sit down with Andrew Stumacher from AllianceBernstein to unpack 13 years of evolution in defined contribution lifetime income—and how a multi-insurer, institutionally priced solution is helping increase retirement confidence for participants.

Together they explore how Pacific Life and AllianceBernstein are collaborating to deliver guaranteed lifetime income, help preserve liquidity and offer flexibility, and help participants convert savings into sustainable retirement income for years to come.

In this conversation, you’ll learn:

• How AllianceBernstein’s custom Lifetime Income Strategy has evolved over 13+ years

• Why a multi-insurer platform (including Pacific Life) can enhance diversification, capacity, and competitive pricing

• How regulatory tailwinds like SECURE 2.0 and a recent U.S. Department of Labor advisory opinion are supporting QDIA-compliant income solutions

• Ways this strategy helps participants address longevity risk and sequence-of-returns risk

• What plan sponsors, advisors, and consultants are asking for today—and why the discussion has shifted from “Why income?” to “How do we implement it?”

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Timestamps:

00:00 – Introduction

00:55 – Meet the Panel: Guest Introductions

02:55 – The History of Alliance Bernstein’s Product

04:56 – Evolution of Lifetime Income Solutions

06:40 – Pacific Life & Alliance Bernstein: Partnership for Retirement Confidence

09:16 – Market Changes & Regulatory Updates (SECURE 2.0, DOL Opinion)

12:06 – How the Solution Works: Flexibility, Growth, and Guarantees

15:01 – What Advisors, Plan Sponsors, and Participants Want

18:37 – Impact & Adoption: Success Stories and Metrics

25:31 – The Importance of the DOL Opinion Letter

28:40 – Final Takeaways from Each Guest

30:01 – Closing Remarks & Outro

As Head of Defined Contribution Lifetime Income, Christine is responsible for growing Pacific Life’s visibility in the lifetime income space. Prior to her current appointment, Christine was Head of Specialty Markets where she was responsible for the Institutional Fixed Annuity business. Christine joined Pacific Life in 2022 and has nearly 20 years of experience, across life, annuity, and institutional products in U.S. and international markets.

Brian Galle is a Senior Product Manager at Pacific Life, leading the integration of Lifetime Income solutions into Defined Contribution retirement plans. With over two decades of experience in product management and institutional retirement, Brian drives cross-functional teams to deliver innovative, market-ready solutions that enhance participant outcomes and operational efficiency. His strategic leadership has accelerated Pacific Life’s growth in the DCLI space.

Andrew Stumacher is a Senior Vice President and Managing Director for AB's Customized Defined Contribution Solutions. He is responsible for developing, implementing, and driving the growth of custom target-date, model portfolio, and retirement income strategies for the large and mega-size institutional plan market, in which AB serves as one of the largest managers in the U.S. Stumacher works in close collaboration with plan sponsors, consultants. and external business partners to develop innovative and flexible products to improve outcomes for DC plans and participants. He joined the firm in 2004 as a marketing analyst, focusing on strategy and development for new institutional products. From 2011 to 2017, Stumacher managed the integration of AB's DC products with recordkeepers, trustees, custodians, insurers, and investment managers as the DC partner relationship officer. He holds a BS in applied economics and management from Cornell University and an MBA from Wagner College as well as the Certified Annuity Specialist™ designation from the Institute of Business & Finance.