Income wise™: helps balance some investment savers ֆինանսական financial flexibility և retirement security

State Street Global Advisors (State Street), the state street corporation asset management business (NYSE: STT), in partnership with the University of California (UC), announced today that IncomeWise ՝, a deferred life income solution, has been launched in Armenia. : The University of California-based Investment Plan (DC), which serves more than 300,000 participants, includes more than $ 34.6 billion in assets.1:

IncomeWise է is a next-generation solution that combines the flexibility and simplicity of traditional target date means with lifetime guaranteed income security.2: Available for defined payment plans, this solution represents a multi-year, inter-industrial development that leads to a new retirement income strategy.

The upgrade, known as UC Delayed Living Income, was submitted to the University’s target date fund, Pathway, in August 2021.

“The University of California has studied how to best develop our retirement savings plan to help participants save during their working years and live a long, comfortable retirement life,” said Jagdip Singh Bacher, Director of Investment at the University of California, Berkeley. “People live longer, with lower pensions because of shorter jobs. Given the volatility of the market, there is now an urgent need for an additional source of guaranteed income in later life. Deferred income for life is an innovative solution: a step towards improving pension security for our participants. ”

Drawing on more than 25 years of state-of-the-art strategy management, IncomeWise: focuses on providing a simple investment option to support participants throughout their retirement years. The solution uses the State Street target date slide to help participants accumulate wealth during their savings years. Some of that savings can then be turned into a guaranteed income stream for later years of retirement by purchasing a Qualified Longevity Annuity Contract (QLAC). This approach offers participants income security when they are most likely to need it, while providing flexibility and access to savings in their early retirement years.

“We are proud to have partnered with the University of California during its journey to improve pension security, as well as to work in industry to build a framework that will further strengthen participants’ plans to manage the retirement transition,” said David Ireland, global leader. Defined investment in State Street Global Advisors. “We are excited about the opportunity that IncomeWise է is offering to retirees in UC և elsewhere.”

Launched at UC, it reflects collaboration and innovation with a leading plan sponsor, record keeper and insurance provider. State Street partnered with Fidelity on behalf of the University of California to raise deferred income as a special solution. In addition, State Street conducted a thorough review of insurance providers, which ended with the selection of Metropolitan Tower Life Insurance Company (MetLife) as the annuity provider for the 2021 annuity.

“A predictable, sustainable source of retirement income should be the result of any quality retirement plan that ensures retirees have a solid foundation for their future,” said Graham Cox, CEO of MetLife, Head of Retirement & Income Solutions. “MetLife has been a leader in innovative pension revenue for over 40 years, and we look forward to working with State Street to bring this unique solution to market for UC Pension Savings plan participants.”

About State Street Global Advisors

For four decades, State Street Global Advisors has served governments, institutions, and financial advisors around the world. Based on a rigorous, risk-aware approach based on research, analysis, and market-tested experience, we build a wide range of proactive indexing strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair to people և sustainable on the planet can ensure long-term effectiveness. And as an index of ETF և ESG investment leaders, we are always inventing new ways to invest. As a result, we have become the manager of the third largest asset in the world – $ 3.9 trillion * under our care.

* This figure is as of September 30, 2021 և includes approximately $ 60 billion in assets related to SPDR® products, for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as a marketing agent. SSGA FD և State Street Global Advisors are affiliated.

About the UC Pension Savings Plan

The UC Retirement Savings Plan is a University of California-based investment plan consisting of 403 (b), 457 (b) և 401 (a) plans with assets of $ 34.6 billion, serving more than 300,000 participants.

About MetLife

MetLife, Inc. (NYSE: MET) is one of the world’s leading financial services companies through its subsidiaries (MetLife), providing insurance, annuities, employee benefits and asset management to help its individual and institutional clients navigate their : the changing world. Founded in 1868, MetLife operates in more than 40 markets worldwide and is a leader in the United States, Japan, Latin America, Asia, Europe, and the Middle East.

Potential risk information

All forms of investment carry risks, including the risk of losing the entire amount invested. Such activities may not be convenient for everyone.

The information provided is not investment advice and should not be relied upon as such.

© 2021 State Street Corporation – All rights reserved


1: Source: UC Regents, as of June 30, 2021.

2: Payment of lifetime income depends on the ability of the issuing insurance company to pay the claims. the issuing company may not be able to make revenue payments at any time. Neither IncomeWise nor Deferred Living Income are covered by the FDIC or any other government agency. These are not FDIC liabilities or deposits or liabilities guaranteed by State Street Global Advisors. Deferred Life Income is not provided or guaranteed by State Street Global Advisors or any of the State Street Global Advisors affiliates.