NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has appointed Michael Oler as Head of Defined Contribution Lifetime Income (DCLI) for Pacific Life’s Institutional Business. He will report to Senior Vice President and Head of the Institutional Client Solutions Group, Paul Hance.
DCLI is a key growth initiative for Pacific Life as the company responds to the growing demand for guaranteed retirement income solutions through employer-sponsored defined contribution plans. DCLI is part of Pacific Life’s Institutional business, which also includes Pension Risk Transfer, Stable Value and Capital Markets. Founded in early 2020, the company has seen over $10.4 billion in sales and deposits, and a 14% increase in assets in 2021. The addition of Oler builds on the significant momentum of the division, the unit having recorded a growth of 144% in its workforce in its first two years.
“We couldn’t be happier to have Michael join the institutional team,” Hance said. “It’s an exciting time for DCLI as we continue to help Americans achieve secure retirements with lifetime income. With Michael’s extensive experience, deep knowledge and deep understanding of Defined Contribution Life Income, we are thrilled to see the value he brings to our team and our clients.
With the addition of Oler, Pacific Life builds on its commitment to lifetime income through continued investments in thought leadership and product innovation. The hiring comes at a time when many Americans are struggling to plan and prepare for retirement. With Oler on board, Pacific Life is expanding its focus on a solutions-based approach to address the need to better connect product design and delivery with member education.
“I’m thrilled to be at Pacific Life, the energy is amazing, the ideas are amazing and there are so many opportunities ahead,” Oler said on a recent episode of The Force of the Waves Podcast. “What we do at Pacific Life with the experience and commitment of the participants is really going to be key. We understand the challenges plan sponsors, administrators and members face as they navigate the retirement landscape, and we look forward to delivering our innovative lifetime income solutions.
Oler’s entire career has been in the financial services industry. After earning his bachelor’s degree in economics from Rutgers University, he began his career at PricewaterhouseCoopers, where he was responsible for the administration and maintenance of 401(k) plan clients.
Oler then served as a Principal at MetLife, where he led project management for new product implementations and strategic partnerships for their institutional annuity business. He later joined BlackRock as a Director where he was responsible for product development and implementation of BlackRock’s retirement income strategies, both in defined contribution and retail advisor channels. Most recently, Oler served as Director of Retirement Income Products at T. Rowe Price, where he partnered with investments, distribution and marketing to develop and launch retirement income solutions.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families meet their financial needs through a wide range of life insurance, annuity and mutual fund products, and offers a variety of investment products and services for individuals, businesses and pension plans. plans. Whether your goal is to protect your loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that deliver value and financial security to current and future generations. Pacific Life counts more than half of America’s 100 largest companies among its customers and was named one of the World’s Most Ethical Companies® in 2022 by the Ethisphere Institute. For more information about the company, including current financial strength ratings, visit PacificLife.com.
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