By: Jack Pitcher
JPMorgan Chase's asset-management arm is launching target-date funds that will let 401(k) participants get guaranteed retirement income through annuities, a category that is gaining steam as a record number of Americans retire. JPMorgan joins major asset managers including TIAA, State Street and BlackRock in offering a product that lets savers convert a portion of their retirement nest eggs into guaranteed income for life via an annuity in their target-date fund. Dubbed lifetime income, the fund category is currently the talk of the retirement investing industry, said Steve Rubino, head of retirement at J.P. Morgan Asset Management.