BlackRock In-Plan Annuity Program Attracts $16B in Assets
January 22, 2025 by Allison Bell
BlackRock has attracted six employer plans with $16 billion in assets under management for a new program that can add an annuity spigot to a 401(k) plan account.
The New York-based asset manager said the list of employers now using the LifePath Paycheck program includes Avangrid, Adventist HealthCare Retirement Plans, the Tennessee Valley Retirement System and BlackRock’s own retirement plan.
The program gives 401(k) plan participants a way to use their account assets to buy annuities. Equitable and Brighthouse will provide the annuities.
Wink’s Moore on the Market: This is the first sales data I have seen on in-plan annuities.
BlackRock‘s LifePath Paycheck Program has snagged $16 BILLION in assets.
Equitable and Brighthouse Financial are providing the annuities for the program.
I knew that The SECURE Act/Secure 2.0 would lead to disruption. This is a BIG number though!
(And this plan hasn’t even been available for one year yet.)
Look at how many people are being given the option of a paycheck for LIFE! -sjm