A life insurer has come out with a program that uses both mutual funds and collective trusts as the foundation for small and midsize retirement plans.

The Lincoln Employer Markets division at Lincoln National Corp., Philadelphia, says the new Lincoln SmartFuture retirement program will provide bundled recordkeeping and administrative services, a choice of 110 investment options, and access to fiduciary guidance and discretionary account advice services.

Use of collective trusts can help keep costs low, Lincoln says.

Some of the collective trusts use exchange-traded funds as the underlying investment vehicle, Lincoln says.

Lincoln also has arranged for Ibbotson Associates, a unit of Morningstar Inc., Chicago, to help select and monitor a plan’s investment options. Ibbotson will act as a fiduciary, Lincoln says.

The program can be used in 401(a) plans, governmental 457 plans, and 403(b) plans as well as in 401(k) plans, Lincoln says.