Lincoln Financial Group has selected Income America to serve as its lifetime income provider for employees in the firm’s DC plan, according to a Dec. 7 announcement.
Income America is a consortium of leading retirement firms (including Lincoln Financial) that launched a new in-plan target date series earlier this year with guaranteed income for life. In offering Income America 5ForLife, participants in the Lincoln National Corporation 401(k) Savings Plan (generally all employees of Lincoln) will have the ability to turn their savings into guaranteed monthly retirement income.
“Our mission at Lincoln Financial Group is to help more Americans achieve financial security and our own employees are no exception,” Jonmike Daly, Senior Vice President of Total Rewards at Lincoln Financial, said in a statement. “Income America is a good fit for our plan with its strong lifetime income guarantees and savings protection, and it supports our commitment to ensure our employees not only have a robust retirement plan, but also have a plan for retirement.”
Income America 5ForLife is built on a target date glide path designed by American Century and held in a portable, non-proprietary, multi-insured and multi-managed Collective Investment Trust (CIT). In addition, it is designed to be SECURE Act-compliant and to meet ERISA 404 and 3(38) fiduciary requirements.
“We are thrilled to see strong demand from the marketplace for this solution and look forward to working with Lincoln to offer a lifetime income option for their plan participants,” notes Matt Wolniewicz, President of Income America. “Our simply designed solution provides participants protection of their accumulated savings, strong lifetime income guarantees and a continuous ability to access their underlying account.”
