Pacific Life Announces New Head of Defined Contribution Lifetime Income
NEWPORT BEACH, Calif. – September 21, 2022 – Pacific Life has named 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 Institutional Customer Solutions Group Paul Hance.
DCLI is a key growth initiative for Pacific Life as the company meets the accelerating demand for guaranteed retirement income solutions, as part of employer-sponsored, defined contribution plans. DCLI is a part of Pacific Life’s Institutional business, which also includes pension risk-transfer, stable value, and capital markets. Established in early 2020, the business posted more than $10.4 billion in sales and deposits, and a 14 percent increase in assets in 2021. The addition of Oler builds on the division’s significant momentum, as the unit experienced 144 percent employee growth in its first two years.
“We couldn’t be happier to have Michael join the Institutional team,” said Hance. “This is an exciting time for DCLI, as we continue to help Americans achieve secure retirements with lifetime income. With Michael’s broad experience, depth of knowledge, and thorough understanding of defined contribution lifetime income, we’re very excited to see the value he brings to our team and our customers.”
With the addition of Oler, 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 Americans struggle with retirement education and preparedness. 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 participant education.
“I’m excited to be at Pacific Life, the energy is amazing, the ideas are incredible, and there’s a tremendous amount of opportunity ahead,” said Oler in a recent episode of The Wave Strength Podcast. “What we’re doing at Pacific Life with the participant experience and engagement is really going to be key. We understand the challenges facing plan sponsors, administrators, and participants as they navigate the retirement landscape, and we’re eager to offer our innovative solutions for lifetime income.”
Oler’s entire career has been in the financial services industry. After earning his bachelor’s in economics from Rutgers University, he began his career at PricewaterhouseCoopers, where he was responsible for the administration and recordkeeping of 401(k) plan clients.
Oler then served as a director at MetLife, where he led project management for new product implementations and strategic partnerships for their institutional income annuities business. Later, he joined BlackRock as a director where he was responsible for the product development and implementation of BlackRock's retirement income strategies, in both the defined contribution and retail advisor channels. Most recently, Oler served as retirement income product manager 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 with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
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