Lincoln Financial’s new stable-value marketing piece for 401(k) and 403(b) plans is carefully constructed to reassure retirement-plan fiduciaries. It boasts that 96.8% of its general-account portfolio is “investment grade,” emphasizes “disciplined risk management,” and describes private credit as a source of attractive returns and diversification. But Lincoln omits the market measure that is hardest to … Continue reading Lincoln Says Its General Account Is “High Quality.” The CDS Market Says Look Closer