BlackRock’s annuity product just got a lot more popular.

The New York-based investment management company announced that five plan sponsors, representing $7.5 billion in target date investments, are electing to use BlackRock’s annuity product as their default investment option in company retirement plans.

BlackRock is anticipating a 2022 adoption by the plans of its LifePath Paycheck, which will affect 120,000 U.S.-based 401k plan participants, including those in the Tennessee Valley Authority Retirement System. The announcement comes on the heels of its earlier survey that showed almost nine in 10 plan participants said having guaranteed income in retirement would have a positive impact on their financial well-being.

“As Americans are living longer and healthier lives, their risk of outliving their savings is accelerating the ‘silent crisis’ of financial insecurity in retirement. By addressing spending and income in retirement, we’re working alongside our clients and partners to help more people address these challenges,” said Mark McCombe, Chief Client Officer, BlackRock.

The annuity path has become a popular option as Americans with access to a 401k plan are uncertain about managing their savings once they enter retirement–and a guaranteed income stream is something more plan sponsors and participants are aware of and increasingly demanding.

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