Equitable supports BlackRock as it makes LifePath Paycheck™ available to more American workers
Underscores Equitable's commitment to providing secure lifetime income to help Americans pursue long and fulfilling lives
April 24, 2024
Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE: EQH), today announced a milestone in its ongoing work with BlackRock to provide access to secure lifetime income for BlackRock’s new investment solution. BlackRock recently announced its LifePath Paychecktm retirement income solution is now available in defined contribution plans. To date, 14 employers with plans totaling $27 billion in target date assets have committed to make LifePath Paychecktm available to 500,000 employees.
The LifePath Paychecktm solution takes a new approach to retirement income by providing access to guaranteed income through a target date fund. Plan participants will have the option to use a portion of their plan account balance at retirement to purchase a fixed individual retirement annuity from Equitable.
To help educate plan participants, BlackRock developed MyLifePathtm, a digital experience that shows how today's contributions can translate into income in retirement. Equitable’s recordkeeping affiliate, PlanConnect, will provide a seamless client experience with a single application process that completes multiple insurers’ annuity applications digitally from start to finish.
The in-plan annuity market is an area of growth for Equitable, with significant opportunity to help address the retirement savings crisis. There are approximately $7 trillion of assets in 401(k) plans,1 with more than $3 trillion invested in target date fund default investment options.2 Equitable is uniquely positioned to help more Americans advance their financial well-being through our ongoing work with BlackRock.
Today’s announcement underscores Equitable’s commitment to deliver innovative, sustainable strategies that can help Americans to grow, protect and enjoy their wealth so they can pursue long and fulfilling lives. The company has an established track record of innovation and experience in the retirement plan market, providing in-plan secure lifetime income options in workplace retirement plans since 2007. In addition to its ongoing work to support BlackRock’s LifePath Paychecktm retirement income solution, Equitable benefits from its close collaboration with AllianceBernstein, a first mover in the in-plan annuity market over a decade ago.
Equitable also maintains a leading position in the variable annuity market. As part of our mission, we believe variable annuities can play an important role in a retirement portfolio, helping to provide guaranteed income, growth opportunities and the ability to navigate downside market risk. We also have a strong track record of innovation, including designing and offering the first buffered annuity.
Equitable, the brand name of the subsidiaries of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859.3 With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves approximately 3 million clients across the country.
1 Investment Company Institute, “401(k) Resource Center.”
2 Moden Wealth Management, “Target Date Funds in 401(k)s.”
3 The reference to 1859 refers exclusively to Equitable Financial Life Insurance Company (NY, NY).
Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY), Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office located in Charlotte, NC, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN). Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY) is the issuer of a single premium immediate annuity (SPIA) for the lifetime income asset described herein. PlanConnect, LLC is a separate but affiliated company of Equitable Financial. Equitable Financial is not affiliated with BlackRock or its affiliates. All guarantees provided within annuity products are based on the claims-paying ability of the issuing life insurance company.
