Income+ is part of J.P. Morgan’s in-plan professionally managed account program, J.P. Morgan Personal Asset Manager, which works within a 401(k)’s existing investment line-up to enable more personalized portfolios to provide retirement income.
The program is designed to balance safety and growth in the years leading up to retirement. It provides monthly payouts from a 401(k) account, which can last for life with the optional purchase of an out-of-plan annuity.
“With the successful implementation of Income+ at J.P. Morgan, Income+ is now fully rolled out at three large plan providers, which serve nearly 25% of the large plan market,” explained Larry Raffone, executive vice president of distribution and institutional service at Financial Engines. “We are excited that demand for Income+ remains strong and will continue to make Income+ available to more participants throughout the year.”