Lincoln Merges Annuities into Workplace Plan

Lincoln Financial Group combined its two micro-small market group variable annuity offerings into a workplace retirement plan.

The new program combines Lincoln Director and Lincoln American Legacy Retirement and will keep the name Lincoln Director. It offers an investment lineup that will include more than 80 options, fiduciary support for plan sponsors, accumulation strategies and tools for plan participants, and a distribution option—the i4LIFE Advantage—that provides lifetime income with guarantees, according to the company.

“Today, many employers are looking for comprehensive retirement programs that include a wide variety of investment options along with providing fiduciary services and plan support,” said Cindy King, head of Defined Contribution Products for Lincoln Financial Group, in a news release. “Combining the best of both Lincoln Director and Lincoln American Legacy Retirement programs will result in a more robust, focused offering with greater efficiencies in distribution and future product enhancements, speed to market and savings that will benefit our customers.”

The enhanced Lincoln Director program can be used to fund a variety of retirement plans including 401(k), 401(a), governmental 457(b) plans, according to the release.

According to the company, features include:

  • enrollment services designed to support the financial adviser;
  • more than 80 investment options from top fund managers including 20 American Funds R4 share options, a Guaranteed Account, and the Lincoln VIP Wilshire Target Maturity and Risk-Based Profile Funds;
  • the Lincoln Financial Group Fiduciary Services Guarantee that supports any investment lineup offered with Lincoln Director;
  • the Lincoln Ibbotson Insight Series—a fund lineup selected and monitored by Ibbotson Associates Inc.;
  • a sample Investment Policy statement;
  • Employee Retirement Income Security Act (ERISA) Section 404(c) support;
  • an annual plan review;
  • an education program that emphasizes both accumulation and distribution;
  • flexible administrative services.

The Lincoln Director program also includes the retirement income option, i4LIFE Advantage rider. The rider allows participants to convert their retirement plan savings into lifetime income with an opportunity for growth, according to Lincoln.