Annexus Retirement Solutions (ARS), a designer of institutional lifetime income solutions, today announced a partnership with iJoin, a leading retirement plan engagement platform provider, to develop infrastructure to support ARS’ patent-pending solution, Lifetime Income Builder.
The collaboration creates opportunity for iJoin’s 50+ recordkeepers and their advisor partners to easily offer the solution to more retirement plan savers than ever before, according to a March 16 press release from Scottsdale, Ariz.-based Annexus.
The one-to-many connection is enabled by ARS’ proprietary middleware platform, ARDX. The technology was developed in conjunction with ARS’ lifetime income offering to enable seamless adoption of the investment onto new recordkeeping platforms by eliminating major technology builds or expenses. By simply adding a CUSIP, any recordkeeper currently using the iJoin platform will have access to a target date fund with Lifetime Income Builder.
ARS said the development greatly simplifies an otherwise bespoke connection process for recordkeepers, increasing options for plan sponsors. Ultimately, ARS said it is the participant who wins.
“Participants want a solution that can help maximize their savings and generate the greatest possible lifetime income without sacrificing growth or control,” said Dave Paulsen, chief distribution officer of Annexus Retirement Solutions. “With iJoin, we are putting the necessary infrastructure in place to be able to deliver the type of solution they are looking for to more individuals than ever before.”
iJoin’s journey is highly personalized, aiding investors who desire support when choosing their underlying investments. Additionally, participants enrolled in a target date fund with Lifetime Income Builder will have access to tools and resources to help them better understand the investment and how it could affect their long-term retirement goals.
“By partnering with Annexus Retirement Solutions, we can now offer our recordkeepers and their advisor partners access to one of the most innovative lifetime income solutions on the market,” said Steve McCoy, CEO of iJoin. “We are excited to work together to help our partners easily deploy a solution that can help millions of Americans be better prepared for retirement.”
ARS has partnered with industry-leading asset managers, trustees, and insurance providers to offer target date funds that embed Lifetime Income Builder directly into the investment’s glidepath. This partnership will offer two types of investment solutions: one investment with passively managed funds and one investment with actively managed funds. The iJoin connection only offers the passively managed option at launch but aims to offer the actively managed product in the near future.
“iJoin is a leader in participant experience and this is a natural partnership for us, as our product design philosophy focuses on better participant outcomes, first and foremost,” Paulsen said.
SEE ALSO:
• Annexus, State Street Partner on TDF with Embedded Income Solution
• Despite Big Concerns, Plan Sponsors Know They Need Lifetime Income Options
• LeafHouse, iJoin Partner on Personalized DC Managed Account Solution
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
