In a new strategic partnership announced today, Principal Financial Group will add Income America 5ForLife, a bank collective investment trust (Funds) for which Great Gray Trust Company, LLC is the trustee, to the Principal Featured Partner Program.
“We fully recognize how important guaranteed income has become to helping offer people greater peace of mind in retirement.”
Principal’s Scott Boyd
The full suite of Income America investment options are expected to be available to retirement plan sponsors on the Principal recordkeeping platform by early 2026, a press release about the deal reveals.
“We’re grateful for our new collaboration with Principal and excited for the opportunity to bring Income America 5ForLife to even more retirement plan participants,” said Matthew Wolniewicz, President of Income America. “This relationship represents a significant step forward in our mission to help every working American retire with dignity and financial stability.”
First introduced in 2021, Income America 5ForLife offers protection against market uncertainty during retirement. With this innovative, multi-insured, in-plan retirement income solution, participants have the option to elect lifetime income of 5% per year after age 65 and are guaranteed they won’t outlive their retirement savings. Participants can contribute through payroll deductions while they’re working and experience protection against market uncertainty during retirement.
“Strategic relationships such as the one we’ve formed with Income America help Principal strengthen customer choice and experiences. We are thoroughly committed to building deeper trust and getting more people closer to achieving financial security, and we fully recognize how important guaranteed income has become to helping offer people greater peace of mind in retirement,” said Scott Boyd, Senior Vice President of Distribution for Retirement and Income Solutions at Des Moines, Iowa-based Principal.
“We’re honored that Income America 5ForLife is now a part of the Principal Featured Partner Program,” added Rick Luchinsky, Senior Vice President and head of Personal Financial Solutions & Workplace Retirement for American Century Investments, the Glidepath Manager of Income America 5ForLife. “Together, we can advance our collective goal of helping more people invest in a brighter future.”
Recent research from Principal found that saving for retirement was the top financial priority for American workers heading into 2025, with nearly nine-in-10 (88%) building their retirement nest eggs in some way. The vast majority (89%) are utilizing their employers’ retirement plan to do so.
SEE ALSO:
• Most Plan Participants Seriously Uninformed About How Much to Save, 4% Rule
• 401(k) Participants Express Strong Interest in Guaranteed Lifetime Income
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.
