Lincoln National Corp., Radnor, Pa., has hired new fund provider Income America to run its Income America 5forLife target-date portfolios for its 401(k) plan, confirmed John Arko, vice president, retirement plans.
Lincoln hopes to have the portfolios available in the plan in mid-2022, Mr. Arko said. It is a new offering for the plan, Mr. Arko said.
Income America was launched in March by a consortium of firms that includes American Century Investments, Lincoln Financial Group, Nationwide, Prime Capital Investment Advisors, SS&C Technologies, Wilmington Trust and Wilshire.
The non-proprietary multimanaged Income America 5forLife target-date portfolios provide a lifetime income guarantee of 5% a year, beginning at age 65.
"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, in a news release from Income America. "Income America is a good fit for our plan with its strong lifetime income guarantees and savings protection."
As of Dec. 31, the LNC Employees' 401(k) Savings Plan had $3 billion in assets, according to the company's most recent 11-K filing.
