Income America

What Income America does

Income America, LLC is a U.S. retirement investment firm that designs and distributes structured income products for defined contribution plans. The company's flagship offering, Income America 5ForLife, is a Collective Investment Trust (CIT) combined with a Guaranteed Lifetime Withdrawal Benefit (GLWB) wrapper, providing participants with a protected income base and the potential for lifetime income growth. The product is supported by a multi-insurer consortium (Nationwide and Lincoln Financial) and sub-advised by asset managers including American Century and Wilshire, with distribution through recordkeepers such as Empower, Great Gray Trust, and SS&C.

The firm operates a B2B2C go-to-market: it does not interface directly with end participants but rather embeds the 5ForLife CIT into plan menus via recordkeeper and trustee platforms, reaching plan sponsors and their participants. As of December 2025, the platform reports approximately $150 million in assets under management, 6,000+ participants, and 2,500+ plan sponsors. The company is privately held with 11–50 employees and is headquartered in Chicago, with additional operating presence referenced in Overland Park, Kansas.

Revenue is generated primarily through asset-based management and administrative fees on CIT holdings, supplemented by fees associated with the GLWB wrapper. Notable structural limitations include exclusion from New York, where Lincoln Financial does not underwrite, representing both a current geographic gap and a potential expansion opportunity.

Name

Income America

Legal name

Income America, LLC

Website

https://incomeamerica.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Income America, LLC is a Chicago-based retirement investment firm that distributes the Income America 5ForLife CIT — a Collective Investment Trust with a multi-insurer Guaranteed Lifetime Withdrawal Benefit — to defined contribution plans via recordkeepers including Empower, Great Gray, and SS&C.

Ownership category

akta.pro rank

Product category

Retirement Income Solutions

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Life Insurance (6311)

akta.pro primary industry

Group Universal Life (GUL) (FSAIADAC)

Keywords

• Retirement income solutions
• Collective investment trust
• Guaranteed lifetime income
• Defined contribution plans
• Target date funds

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Collective Investment Trust Management: Income America 5ForLife is a collective investment trust (CIT) series. Revenue is generated through management fees including trustee fees from Great Gray Trust Company, glidepath manager fees from American Century Investments, sub-advisor fees from Wilshire, GLWB fees from issuing insurance companies (Nationwide and Lincoln Financial), and product consultant fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Income America 5ForLife is a collective investment trust (CIT) consisting of a series of funds (including target date funds and a 50/50 balanced fund) that deliver guaranteed lifetime retirement income through a group fixed contingent deferred annuity contract with a Guaranteed Lifetime Withdrawal Benefit (GLWB) issued by Nationwide Life Insurance Company and The Lincoln National Life Insurance Company. The product is distributed inside U.S. employer-sponsored retirement plans and offers participants a 5% annual income guarantee starting at age 65, with an annual income base step-up, market downturn protection, no surrender charges, and QDIA eligibility.

Product overview

Income America 5ForLife is a single, unified product—a collective investment trust (CIT) consisting of a series of funds designed to deliver guaranteed lifetime income through a group fixed contingent deferred annuity contract with a Guaranteed Lifetime Withdrawal Benefit (GLWB). The product suite includes target date funds that follow a glide path and a balanced fund with a 50/50 equity/fixed income portfolio. The SS&C Retirement Income Clearing and Calculation Platform (RICC) middleware powers the backend calculation and servicing of guaranteed lifetime withdrawal benefit values. The core value proposition is a 5% annual income guarantee starting at age 65 for life, accessible through employer-sponsored retirement plans.

Differentiator

Problem solved

Functional benefit

Products and services

• Income America 5ForLife A collective investment trust (CIT) consisting of a series of funds that provide guaranteed lifetime retirement income through a group fixed contingent deferred annuity contract with a Guaranteed Lifetime Withdrawal Benefit (GLWB). It offers a 5% annual income guarantee starting at age 65 for life, available through employer-sponsored retirement plans, with an annual income base step-up, market downturn protection, no surrender charges, and QDIA eligibility.
• Income America 5ForLife Target Date Funds Target date funds within the Income America 5ForLife CIT series that follow a glide path, automatically adjusting asset allocations to become more conservative as participants approach retirement, and which can serve as a Qualified Default Investment Alternative (QDIA).
• Income America 5ForLife Balanced Fund A balanced fund option within the Income America 5ForLife CIT series with a 50/50 equity/fixed income portfolio, available as a stand-alone investment or within managed account solutions on recordkeeper platforms.

Quantifiable outcome

• 6,000+ participants and 2,500+ plan sponsors using the product
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core.

• EmpowercoreChannel Partner/ Reseller/ Distributor · 25 March 2024Empower added Income America 5ForLife to its recordkeeping platform in March 2024, making it available to plan sponsors and advisors through a suite of managed account solutions. Empower is the second-largest retirement plan provider in the U.S., administering $1.5T in plan assets for more than 18 million participants.
• Great Gray Trust Company, LLCcoreStrategic or Co-development PartnerServes as the Trustee of Income America 5ForLife collective investment funds and ERISA 3(38) fiduciary. Maintains ultimate fiduciary authority over the management and investments made in the Great Gray Funds. Income America Funds are exempt from registration under the Investment Company Act of 1940 and Securities Act of 1933.
• American Century InvestmentscoreStrategic or Co-development PartnerAppointed as Glidepath Manager to assist in providing strategic asset allocations for each vintage of Income America Funds. Provides underlying sub-asset class management, target date glide path management, and marketing support. Jonathan Thomas is President and CEO.
• Wilshire Advisors LLCcoreStrategic or Co-development PartnerServes as Sub-Advisor to the Income America Funds and Investment Advisor Fiduciary under ERISA 3(21). Responsible for recommending glide path manager, guaranteed lifetime withdrawal benefit providers, underlying fund products, and stable value offerings from an investment universe selected by the product consultant.
• Nationwide Life Insurance CompanycoreStrategic or Co-development PartnerOne of two issuing insurance companies providing the group fixed contingent deferred annuity contract and Guaranteed Lifetime Withdrawal Benefit (GLWB) that funds the guaranteed annual retirement income. Issues fixed annuity contracts separate from the group annuity contracts supporting the guaranteed income.
• The Lincoln National Life Insurance CompanycoreStrategic or Co-development PartnerOne of two issuing insurance companies providing the group fixed contingent deferred annuity contract and Guaranteed Lifetime Withdrawal Benefit (GLWB). Based in Fort Wayne, IN. Does not solicit business in New York state. Lincoln Financial Group is the marketing name.
• SS&C TechnologiescoreTechnology or IntegrationProvides the Retirement Income Clearing and Calculation Platform (RICC), a middleware application designed to facilitate efficient distribution and servicing of in-plan guaranteed income products across various recordkeepers and participating insurers. Calculates and maintains participant GLWB values for Income America 5ForLife.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Fidelity Investments: Major recordkeeper and provider of retirement income products including target date funds and lifetime income solutions through employer-sponsored plans. Competes on recordkeeper platform integration and product breadth.
• Empower: The second-largest U.S. retirement services provider and Income America's largest distribution partner. Empower offers its own target date funds and managed account solutions, and could in-source a competing guaranteed income feature.
• TIAA: A long-established leader in lifetime income solutions for academic and broader retirement plan markets. TIAA's in-plan retirement income offerings, including target date funds with embedded annuitization features, directly compete with Income America's 5ForLife product.
• Prudential Financial: Major retirement solutions provider offering in-plan guaranteed income products, target date funds, and pension risk transfer solutions. Comparable to Income America's product positioning as a comprehensive retirement income provider for employer plans.
• Principal Financial Group: Provides retirement plan administration, in-plan guaranteed income solutions, and pension risk transfer services. Comparable to Income America in serving plan sponsors and offering lifetime income features within 401(k) plans.
• MetLife: Provides group annuity products, in-plan retirement income solutions, and target date fund series through employer-sponsored plans. Comparable in targeting plan sponsors and offering guaranteed lifetime income features.
• Vanguard: Industry-leading provider of target date funds and retirement plan services through employer-sponsored plans. Competes with Income America on retirement plan lineup offerings and is exploring in-plan retirement income solutions.

Direct peers

• Lincoln Financial Group: Income America's other GLWB-issuing insurance partner. Lincoln offers annuity products with guaranteed lifetime withdrawal benefits and retirement income solutions targeting employer-sponsored plans, directly competing in the in-plan retirement income category.
• Nationwide Financial: One of Income America's two GLWB-issuing insurance partners. Nationwide offers a broad portfolio of in-plan retirement income solutions, fixed and variable annuities, and retirement plan products — directly comparable to the income guarantee mechanism Income America wraps into its CIT.

Others

• American Century Investments: Income America's appointed glidepath manager and core strategic partner. American Century also offers its own target date funds through employer plans, making it both a collaborator and adjacent competitor in the retirement plan market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/income-america
• Xx.com/income_america

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Income America