MissionSquare, Income America Debut In-Plan Retirement Income Solution

MissionSquare Retirement and Income America LLC have introduced the MSQ Income America 5ForLife Balanced Fund, an in-plan income solution designed to provide participants with guaranteed lifetime income, beginning at age 65.

The fund will be available to employers who have MissionSquare retirement plans and are permitted by law to invest using collective investment trusts. Clients with 403(b) plans, for example, are not currently permitted to invest using CITs.

Working plan participants can contribute in-plan to the Income America Balanced 5ForLife Fund through payroll deductions. At age 65, plan participants can choose to receive 5% of their income base—an amount initially determined by a participant’s first contribution, then used to determine the guaranteed lifetime income amount—per year. The fund also offers participants annual step-up opportunities to increase their income base, which continues as long as assets remain in the fund.

Participants may also transfer or withdraw the market value of their account at any time without penalties, excluding the loss of the income guarantee. The fund is structured as a CIT that invests only in Income America Balanced Fund – Fee Class 5ForLife, a series of funds that provide guaranteed lifetime income.

“The need for guaranteed monthly income in retirement continues to be a pressing issue for individuals at or nearing retirement,” said Matthew Wolniewicz, Income America’s president, in a statement. “We are honored to collaborate with MissionSquare to help bring this solution to life for their customers by providing the security of income for life to more workers across the United States.”

The firms’ offering comes on the heels of several other lifetime income offerings launched this year, including TIAA’s expansion of its lifetime annuity line to TIAA individual retirement accounts and BlackRock’s LifePath Paycheck.

“We understand the growing needs of individuals and their families when it comes to preparing for their holistic financial future,” said Jeffrey Gibson, MissionSquare’s chief product strategy officer, in a statement. “While 5forLife is the first of a series of products MissionSquare will be introducing to the marketplace, we are focused on expanding how we support individuals as their financial lives change, seeking opportunities that complement our current business portfolio and making sophisticated solutions simple.”

MissionSquare managed and administered more than $72 billion in assets as of December 31, 2024. Income America’s Fee Class 5ForLife had more than 12,000 plan participants and $300 million in assets as of December 2024.