A forthcoming PEP from National Professional Planning Group, Lincoln Financial and Morningstar Investment Management will have the distinction of providing in-plan guaranteed income, the companies announced Thursday.
Lifetime income, particularly as part of a plan’s qualified default investment option, is a rarity in 401(k) plans. That is despite years of reassurances from the Department of Labor on plan fiduciaries’ responsibilities and provisions in the SECURE Act that made insurance products a friendlier fit within defined-contribution plans.
Separately, Lincoln is one of two insurers that is providing a guarantee within Income America, a 401(k) service that packages lifetime income with a target-date […]
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