Pacific Life and iJoin have partnered to bring Pacific Life’s Income Horizon™ to iJoin’s national network of recordkeepers, making it easier for retirement plan advisors to help 401(k) participants create guaranteed retirement income streams. This collaboration aims to provide confidence and financial security in retirement.
Key Features of the Partnership
The partnership between Pacific Life and iJoin enables retirement plan advisors to offer Pacific Life’s Income Horizon™, an accumulation-based lifetime income solution, to their clients. This solution helps reduce concerns about longevity risk and allows participants to experience a more confident retirement.
How Income Horizon Works
- Participants between ages 55 and 70 can have a portion of their portfolio and ongoing contributions automatically allocated to Income Horizon.
- Participants accumulate lifetime income units that can be converted at retirement to provide a guaranteed stream of income for life.
- This approach allows participants to build income over time during their working years, reducing the impact of interest rate volatility.
- Participants who decide not to annuitize can liquidate their accumulated lifetime income units and reinvest back into their 401(k).
Benefits for Retirement Plan Participants
Income Horizon by Pacific Life offers flexibility for investors to choose when to retire and when to begin taking income, while simplifying the often-complex annuity purchasing process. Funds remain fully liquid until the participant retires and opts into the annuity payout.
Quotes from Industry Experts
“We are thrilled to partner with iJoin to make Pacific Life’s Income Horizon more accessible to retirement plan advisors and their clients,” said Karen Neeley, senior vice president, Institutional Retirement Solutions at Pacific Life.
“By integrating Income Horizon into advisor-managed account programs, we’re making it easier to deliver a scalable, yet highly personalized approach to lifetime income for today’s retirement plan participants,” said Steve McCoy, CEO of iJoin.
About the Companies
Pacific Life provides a variety of products and services designed to help individuals and businesses achieve financial security. iJoin is a leading retirement plan infrastructure technology partner supporting cost-efficient personalized managed account programs and access to guaranteed income products.
