BlackRock Builds Investment Solution That Provides a Paycheck Throughout Retirement
Insurers Join Effort to Deliver Simplified Access to Lifetime Income and Increased Financial Stability in Retirement
At a time when Americans are increasingly concerned about their long-term financial future, BlackRock is announcing a ground-breaking solution designed to provide millions of American workers with simplified access to lifetime income throughout their retirement. In a major step forward, BlackRock has enlisted two leading insurers, Equitable and Brighthouse Financial, in the effort. Designed to be provided through employers’ defined contribution plans, the new investment solution, called LifePath PaycheckTM, aims to reimagine retirement by combining an innovative investment solution that helps protect workers’ nest eggs with an integrated digital experience for participants that leverages the security and scale of the Microsoft Azure cloud platform.
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“We are excited to work with BlackRock as they bring this solution to market.”
The investment solution is a target date strategy that will include an allocation to innovative annuity contracts, over time. In a significant breakthrough for the industry, these annuity contracts, to be issued by Equitable and Brighthouse Financial,1 will not limit the daily liquidity of the target date strategy and will provide plan participants with the option to use a portion of their plan account balance at retirement to purchase fixed individual retirement annuities from the insurers that will provide guaranteed lifetime income. The solution will be available to U.S. employers to provide to their employees through their defined contribution retirement plans.
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“The recent market volatility has been difficult for employees saving for retirement. Retirees need the tools to find financial security, without fear of running out of money or of market losses significantly eroding their retirement savings. For companies, helping workers save and invest for the long term is not just the right thing to do, it is critical for deepening the connection between them and their employees,” said Mark McCombe, BlackRock’s Chief Client Officer.
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