In an effort to meet the needs of 401(k) plan participants who would like regular monthly income in retirement, J.P. Morgan Asset Management will launch what it calls SmartRetirement Plus. The solution will pair the firm’s retirement investment funds and the intelligence it has gathered on retiree spending with AIG Life & Retirement’s IncomEdge Control annuity.
The asset manager plans to expand the annuities offered by third-party insurers through its new tool in the future, it said in a release. A firm launch date wasn’t announced.
SmartRetirement Plus will provide ways to direct retirement savings from J.P. Morgan Asset Management’s target-date funds into an annuity from AIG, along with options to help participants determine when to begin receiving the income. Participants will have the flexibility to make allocation decisions to account for their unique spending needs, while maintaining access to their money, J.P. Morgan said.
Recent plan participant research conducted by the firm found that 85% of participants would likely leave their balances in their plans post-retirement if there was an option to help generate monthly retirement income.
Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities
“It was a third party scam,” said the attorney representing the claimants.
Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.
Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.
Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
