With guaranteed lifetime income getting all kinds of attention nowadays, it's only natural that increasingly, plan providers should jump aboard.
The addition of Voya Financial to the parade, then, is not surprising. Voya's Retirement Solutions business on Tuesday announced it was introducing its Lifetime Income Strategy, which it describes as "a new retirement income investment option" for 401(k) plan participants who work for large employers.
The Lifetime Income Strategy option is, according to Voya, an "age-based, asset allocation program … designed to help participants convert their savings over time into a stream of guaranteed income that lasts throughout retirement."
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