The retirement plan(s) not managed by an insurance company are:
III. Roth IRA
IV. Traditional IRA
Roth IRAs and Traditional IRAs are individual retirement accounts that are typically managed by financial institutions like banks, brokerage firms, or investment companies. They are not associated with insurance companies.
The other two options are managed by an insurance company:
I. Fixed Annuity - A fixed annuity is an insurance product where an individual makes payments to an insurance company, and in return, the insurance company provides regular income payments in the future.
II. Pension Plan - A pension plan is a retirement plan that is set up by an employer to provide retirement income to employees. It can be managed by an insurance company, especially if it is a type of pension plan known as a "pension annuity" or an "annuity pension plan."