Lincoln Employer Markets recently launched a new program for defined contribution plans called i4LIFE Advantage, an annuity rider on DC plans that gives participants the ability to convert their retirement plan savings into lifetime income with an opportunity for growth.
The i4LIFE Advantage, offered through Lincoln National Life Insurance Company, which like Lincoln Employer Markets is part of Lincoln Financial, also offers the protection of a minimum payment guarantee while maintaining access to, and control of, assets.
A lifetime income guarantee provided by the i4LIFE Advantage, Lincoln said in a statement, gives participants the ability to take withdrawals in addition to their regular income payments, and it also provides growth potential and an inflation hedge in that participants' retirement income benefits can grow with gains in the equity market. The product guarantees that the income payment will not fall below 75% of the initial payment.
This annuity conversion option is now available, Lincoln said, on its Multi-Fund 1, Multi-Fund Select, Director, and Lincoln American Legacy Retirement variable annuity products.