OVERLAND PARK, KS., March 25, 2024 – Income America announced today that Empower will be launching a new platform to provide a comprehensive range of retirement solutions, including Income America 5ForLife, a bank collective fund for which Great Gray Trust Company, LLC is the trustee. The second-largest retirement plan provider in the United States, Empower administers $1.5T in plan assets on behalf of more than 18 million participants.
Income America 5ForLife will be added to Empower’s recordkeeping platform and available to plan sponsors and advisors through Empower’s suite of managed account solutions. By including Income America 5ForLife in their plans’ investment lineups, they can help employees support their lifestyle in retirement.
“The ultimate goal of any retirement plan is to help create an income stream that they can rely on after they stop working,” said Empower President and Chief Operating Officer Rich Linton. “The great opportunity in this new offering is that it brings together the expertise of our firms to deliver the promise of retirement income to the millions of Americans we serve.”
“No two retirement plan participants are the same. We want to offer investors the opportunity to create an income stream that fits their own retirement needs and goals,” explained Tina Wilson, Chief Product Officer at Empower.
According to an Empower survey, approximately 60% of plan sponsors say they will likely focus more on helping participants convert their plan account balances into income.* Plan offerings, they say, should seek to meet the retirement income needs of participants leaving their assets in the plan.
Income America 5ForLife offers protection against market uncertainty during retirement. With this innovative retirement solution, participants receive a reliable stream of income after they stop working and are guaranteed they won’t outlive their retirement savings.
“We’re grateful for the opportunity to partner with Empower to offer millions of participants access to Income America 5ForLife,” said Matthew Wolniewicz, President of Income America. “Together, we can help more people benefit from the security of a protected retirement.”
About Income America
Several industry leaders—including American Century Investments, Lincoln Financial Group, Nationwide, SS&C Technologies, Great Gray Trust Company, LLC, and Wilshire—came together to create a revolutionary retirement solution: Income America 5ForLife, a series of investments that provide guaranteed lifetime income. Designed to help retirement plan participants save for a more secure future, Income America 5ForLife is an innovative, unbiased, multi-insured, in-plan retirement income solution. With Income America 5ForLife, participants can contribute through convenient payroll deductions while they’re working and enjoy protection against market uncertainty during retirement.
About Empower
Recognized as the second-largest retirement services provider in the U.S.1 by total participants, Empower administers approximately $1.5 trillion in assets for more than 18 million investors2 through the provision of retirement plans, advice, wealth management and investments. Connect with us on empower.com, Facebook, Twitter, LinkedIn, Tik Tok and Instagram.
*Retirement income: A modern approach driven by advice, Empower 2023.
1 Pensions & Investments DC Recordkeeper Survey (2023). Ranking measured by total number of participants as of September 2022.
2 As of September 30, 2023. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. EAICA’s consolidated total assets under administration (AUA) were $1,372.9B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. EAICA’s statutory assets total $71.5B and liabilities total $67.5B. ELAINY’s statutory assets total $7.2B and liabilities total $6.8B. EAIC’s statutory assets total $88.1B and liabilities total $87.0B.
