Product & Service Launches – 1/16/25

BlackRock’s LifePath Paycheck Closes 2024 With $16B in AUM 

Since launching in April 2024, BlackRock’s target-date offering that provides the option for guaranteed lifetime income, LifePath Paycheck, has accumulated $16 billion in assets under management, the company announced. 

At least six employer plans—including Avangrid, Adventist HealthCare Retirement Plans and the Tennessee Valley Authority Retirement System—have announced the inclusion of the product in their plans. It is also available to BlackRock employees. 

LifePath Paycheck provides plan participants with the option for a guaranteed stream of income for life, payable by insurers, and is now available as an investment selection for more than 200,000 eligible employees across the plans. Fidelity Investments and Bank of America have enabled access on their recordkeeper platforms and other recordkeepers, including Voya Financial, are also planning to offer the solution, according to BlackRock’s announcement. 

HSA Store Launches ExpenseTracker Mobile App 

HSA Store, an online store dedicated to selling products and services eligible for use with a health savings account, launched a new mobile app to help HSA users save time and money by easily tracking their HSA spending, either online or in retail locations.  

The HSA ExpenseTracker app is free and available for download in Apple’s App Store and on Google Play. 

“The … app makes it easy for individuals and families to track where, when, and how they purchase HSA-eligible products—whether they are shopping online at HSA Store, at their local drugstore or other online retailers. They can even connect other online accounts to the app to streamline HSA tracking across platforms,” said Itamar Romanini, vice president and general manager of the HSA Store, in a statement. “Tracking expenses is important because HSAs are tax-advantaged accounts and individual account holders are responsible for proving eligibility, in the event they are ever audited by the IRS.” 

Green Leaf Launches 401(k) Solution 

Green Leaf Business Solutions LLC, a partner in human resources and payroll solutions for the cannabis industry, launched GreenPath 401(k)—a retirement plan offering specifically for the legal cannabis industry. 

First Citizens Bank will serve as the custodial agent and banking partner for the plan, and Green Check will provide the account onboarding and verification services for the entire coalition of financial partners.  

Vanguard, CuraFin Advisors and Mid Atlantic Trust are also helping to administer the pooled employer 401(k) plan, according to the announcement.  

Schwab Asset Management to Launch Core Bond ETF 

The asset management arm of the Charles Schwab Corp. announced the launch of the Schwab Core Bond ETF. This is the business’s second actively managed fixed-income exchange-traded fund after the August 2024 launch of the Schwab Ultra-Short Income ETF.  

The first day of trading of the ETF is expected to be on or about February 5. 

The ETF has an expense ratio of 0.16% and aims to provide total return while generating income through investing in U.S. dollar-denominated debt securities.