To further solidify the strong trend of retirement in-plan lifetime income solutions, T. Rowe Price has announced the launch of Managed Lifetime Income (MLI), a new offering designed to provide retirees in a defined contribution plan with stable and predictable monthly income for life.

MLI combines a managed payout investment from T. Rowe Price with a Qualifying Longevity Annuity Contract from Pacific Life, a leading provider of innovative insurance and annuity solutions, to offer a unique union of professional asset management and guaranteed monthly payouts.

T. Rowe Price's new offering follows BlackRock's LifePath Paycheck, which launched earlier this year and was regarded as a "game changer" for the industry, which is "looking for solutions that will help more Americans achieve better retirement outcomes," said Carrie Schroen, Head of BlackRock's U.S. Defined Contribution Intermediary Business.