Participants in the Lincoln National Corporation Defined Contribution retirement plan will be able to convert savings into guaranteed income for life
Income America, a consortium of leading retirement firms that earlier this year launched a new in-plan target date series with guaranteed income for life, announced that Lincoln Financial Group has made the decision, through their benefit plans fiduciary committee, to offer Income America 5ForLife to participants (generally all employees of Lincoln) in the Lincoln National Corporation 401(k) Savings Plan. This addition gives their plan participants the ability to turn their savings into monthly retirement income for life.
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“Our mission at Lincoln Financial Group is to help more Americans achieve financial security, and our own employees are no exception”
“Our mission at Lincoln Financial Group is to help more Americans achieve financial security, and our own employees are no exception,” said Jonmike Daly, senior vice president, Total Rewards, Lincoln Financial Group. “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.”
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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), which provides the Lincoln plan access to an innovative and simple solution. 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,” said 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.”
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