BlackRock Makes a Bundle (with Annuities)
June 19, 2020 by Kerry Pechter
BlackRock, the giant asset manager, is adding a lifetime income dimension to its LifePath target date funds by partnering with Brighthouse, Equitable and Voya on a service that will help 401(k) participants buy individual immediate annuities at retirement.
BlackRock, the $7.43 trillion asset manager, is bundling an optional income annuity with its LifePath target date funds (TDFs). With Brighthouse Financial and Equitable as the first annuity providers and Voya as one potential recordkeeper, it aims to offer plan sponsors a complete pension-like solution for their participants.