Allianz Life Insurance Company of North America (Allianz Life) announced today that it has partnered with LDI-MAP (d.b.a. iJoin) and IPX Retirement to be the first company to provide a guaranteed income option on the iJoin platform.
Recordkeepers and advisors using iJoin will be able to offer the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other defined contribution plans.
iJoin offers recordkeepers an integrated experience to support the enrollment, education, financial planning and advice needs of the plans and participants they serve. The retirement planning advice is personalized for each participant based on income, savings, outside assets, location, age and many other factors.
This partnership with Allianz Life will give iJoin the capability to incorporate an innovative guaranteed lifetime income solution into participants’ accounts through their retirement plan.
“The addition of Allianz Lifetime Income+ to the iJoin platform is a big step forward toward seamlessly integrating guaranteed lifetime income into defined contribution plans and retirement income planning,” said Matt Gray, Head of Employer Markets, Allianz Life. “There are many risks in retirement and allowing plan participants to easily and efficiently mitigate those risks is important in addressing a critical financial planning need.”
“As an industry, we’ve known for a long time that accumulation strategies alone won’t solve the retirement income challenge,” added Steve McCoy, CEO, iJoin. “The SECURE Act’s regulatory clarity now enables technology and product innovations by iJoin, IPX and Allianz Life to deliver on this promise.”
As part of the Allianz Life – iJoin partnership, IPX Retirement’s technology seamlessly connects recordkeepers, and in turn plan participants, to Allianz Life via the iJoin platform. This capability also enables greater portability across platforms.
“At IPX Retirement, we are passionate about providing better options for investors,” said James Olson, managing director, IPX Retirement. “We are delighted to partner with Allianz Life and iJoin to develop an evolved solution for providers to offer participants a guaranteed income option inside of their retirement plan.”
Allianz Lifetime Income+ is a fixed index annuity that offers innovative design features including growth potential, protection from market loss and guaranteed lifetime income through the Lifetime Income Benefit, which has the potential to increase annually for life to help address the effects of inflation.