Income+ is available as part of J.P. Morgan’s in-plan professionally managed account program, J.P. Morgan Personal Asset Manager, which works within a 401(k)’s existing investment line-up to provide personalized portfolios designed to provide a stream of retirement income.
“J.P. Morgan is committed to furthering investment line-up innovation,” said Donn Hess, managing director and head of product development at J.P. Morgan Retirement Plan Services. “Income+ is one tool that helps provide the innovation and flexibility needed to help workers prepare for and generate steady and reliable income in retirement.”
Income+ is designed to balance safety and growth in the years leading up to retirement. It provides steady monthly payouts from a 401(k) account, which can last for life with the optional purchase of an out-of-plan annuity.
“With the successful implementation of Income+ at J.P. Morgan, Income+ is now fully rolled out at three large plan providers, which serve nearly 25% of the large plan market,” explained Larry Raffone, executive vice president of distribution and institutional service at Financial Engines. “We are excited that demand for Income+ remains strong and will continue to make Income+ available to more participants throughout the year, ensuring that they get the professional retirement help they need to reach their retirement goals.”