Lincoln Financial Group Offers In-Plan Guaranteed Income Option
Lincoln Financial Group has launched Lincoln PathBuilder Income powered by YourPath.
This new product is said to bring together the flexibility of YourPath risk-based target-date portfolios with the foundation of Lincoln PathBuilder solutions by including guaranteed income as part of a target-date retirement option.
“While much of the focus in retirement planning is on saving, only a third of savers feel extremely or very confident that they will have sufficient income that lasts through retirement,” says Ralph Ferraro, senior vice president, retirement plan products and solutions, Lincoln Financial Group. “In fact, we are finding more consumers have significant interest in an in-plan investment option that would provide guaranteed lifetime income, as ultimately, a retirement plan should include a plan for retirement.”
Allianz Life Launches In-Plan Income and Annuity Solution
Allianz Life Insurance Co. of North America is entering the defined contribution (DC) market with the launch of its Allianz Lifetime Income and Annuity. The product will be available for adoption in employer-sponsored plans and will give plan participants an innovative guaranteed income option.
As a supplemental source of guaranteed retirement income along with Social Security, the Allianz Lifetime Income+ Annuity offers plan participants a stream of guaranteed lifetime income that is portable. The design features growth potential, protection from market loss and guaranteed lifetime income that has the potential to increase annually for life to help address the effects of inflation.
“Participants face many risks in retirement including longevity, inflation, market volatility and the need for growth and flexibility to adapt to changing circumstances,” says Matt Gray, head of employer markets, Allianz Life. “Allianz Lifetime Income+ can help them effectively manage these risks and play a key part in their comprehensive financial retirement strategy. Having this ongoing source of guaranteed income will help plan participants fund a retirement that could last 20 or 30 years or even longer.”
Allianz Life also announced it has hired Mike De Feo to lead its newly formed Defined Contribution Distribution team. De Feo will be responsible for the distribution strategy, business development and distributor relationships of the company’s DC business. De Feo most recently led the retirement and defined contribution investment only (DCIO) business at Voya Investment Management. Prior to Voya, he was a managing director, head of DCIO business at Nuveen Investments.
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