MissionSquare Retirement announced today it is introducing the MSQ Income America 5ForLife Balanced Fund, an in-plan income solution designed to provide participants with guaranteed lifetime income starting at age 65 that will now be available to MissionSquare’s approximate 9,200 employer plans.
“MissionSquare is proud to partner with Income America, LLC to bring forward an innovative solution that can help plan participants create a secure financial future.”
MissionSquare’s Jeffrey Gibson
The recordkeeper’s new collaboration with Income America, LLC comes at a time when in-plan retirement income solutions remain a growing interest to help employees build retirement security through holistic financial programs, investment products, and educational tools and services.
“MissionSquare is proud to partner with Income America, LLC to bring forward an innovative solution that can help plan participants create a secure financial future,” said Jeffrey Gibson, chief product strategy officer at MissionSquare. “Across the industry, the demand for retirement income solutions has been building for some time, and launching 5ForLife on our platform reflects our continued commitment to delivering consistent value, service, and personalized support to all our customers.”
5ForLife addresses a key issue for employees near or in retirement: the need for guaranteed monthly retirement income. For MissionSquare retirement employer plans looking to add a guaranteed income solution to their broader retirement savings program, 5ForLife offers several benefits for both employers and retirement plan participants, including:
- Guaranteed Lifetime Income: At age 65, participants can choose to receive 5% of their income base per year, ensuring a predictable and stable income stream.
- Market Upside Capture: The fund allows participants to benefit from market gains, with annual step-up opportunities to increase their income base.
- Flexibility and Control: Participants can transfer or withdraw their balance at any time without penalties, maintaining control over their assets.
Matthew Wolniewicz, president of Income America, noted that this marks the sixth recordkeeping platform where Income America is available: Empower, Fidelity, Principal, Nationwide, Lincoln Financial, and now MissionSquare.
“The need for guaranteed monthly income in retirement continues to be a pressing issue for individuals at or nearing retirement,” Wolniewicz said. “We are honored to collaborate with MissionSquare to help bring this solution to life for their customers by providing the security of income for life to more workers across the United States.”
The collaboration with Income America further supports MissionSquare’s efforts to help its participants build secure and sustainable retirements. The company noted in a press release today it remains focused on its mission to help all plan participants retire well, which continues to drive and define the company today.
“We understand the growing needs of individuals and their families when it comes to preparing for their holistic financial future,” added Gibson. “While 5forLife is the first of a series of products MissionSquare will be introducing to the marketplace, we are focused on expanding how we support individuals as their financial lives change, seeking opportunities that complement our current business portfolio and making sophisticated solutions simple.”
In addition to retirement plan administration, financial planning and advisory services, educational resources, and tools for financial wellness, MissionSquare continues to introduce new tools and resources to help individuals and their families build retirement security. This includes a focus on solutions such as emergency savings, high-yield savings, education accounts, IRA account support expansion, and self-service financial planning.
Washington, D.C.-based MissionSquare Retirement manages and administers over $72 billion in assets.
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