On Tuesday, the T. Rowe Price Group Inc. launched its own annuity-backed lifetime income product for defined contribution plans. The firm’s Managed Lifetime Income investment product, designed for retirees in DC plans, combines T. Rowe Price’s managed payout investment with a qualified longevity annuity contract, or QLAC, from Pacific Life Insurance Co.
MLI integrates into T. Rowe Price’s existing participant platform, which includes a retirement income estimator that allows individuals to customize their retirement savings. Under MLI, retirees will receive payments from the managed payout investment for the first 15 years of retirement, after which QLAC payments will provide guaranteed […]
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