BlackRock Adds Annuity Product to Meet Participant Demand

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...