Pacific Life Launches Income Horizon: Guaranteed Lifetime Income Solution

Pacific Life has launched Income Horizon™, a groundbreaking collective investment trust (CIT) series designed to offer defined contribution (DC) plan participants guaranteed lifetime income in retirement. This innovative solution is made possible through a partnership with Matrix Trust Company, a subsidiary of Broadridge Financial Solutions, which provides the CIT framework and serves as the discretionary trustee.

Income Horizon allows participants to secure guaranteed lifetime income while still employed by allocating a portion of their regular contributions to this solution. This approach enables a seamless transition from accumulating savings to receiving predictable retirement income, offering participants flexibility, liquidity, and protection as their savings convert to lifetime income.

Increasing Demand for Retirement Income Solutions

Karen Neeley, head of the Institutional Retirement Solutions Group at Pacific Life, highlighted the growing interest among plan sponsors and advisors in integrating retirement income solutions within DC plans. Christine Bass, managing Defined Contribution Lifetime Income at Pacific Life, noted the increasing adoption of CITs in these plans, emphasizing Income Horizon's role in facilitating a straightforward incorporation of lifetime income into plan structures.

Matrix Trust Company enhances the implementation and management of Income Horizon by providing fiduciary oversight and operational support. Joe Matarazzo, leading Broadridge’s Retirement and Workplace Solutions, shared his enthusiasm for the innovation, underscoring their dedication to offering essential governance and support for widespread adoption.

What sets Income Horizon apart is its defined income units, which offer participants transparent details about their guaranteed lifetime income, thereby supporting accurate retirement planning. The CIT series is available via the National Securities Clearing Corporation (NSCC), with Pacific Life providing further implementation details for interested parties. For more information, visit Pacific Life.