United Technologies Corporation has taken the retirement income plunge with the launch of the Lifetime Income Strategy, a customized age-based default investment option designed by AllianceBernstein. The plan, which counts some $14 billion in assets and 84,000 participants, according to data from Brightscope, is the largest plan to date to embrace the otherwise unpopular plan option.
The product’s insurance providers include The Lincoln National Life Insurance Company, Nationwide Life Insurance Company and Prudential Retirement Insurance and Annuity Company. AllianceBernstein provides the asset allocation services, the open architecture platform and the participant service support necessary to manage the Lifetime Income Strategy. Aon Hewitt is the plan’s plan recordkeeper.