Conrad Siegel Unveils Retirement Income Solution

A new service from the firm helps retirement plan participants sustainably spend down DC accounts.

Conrad Siegel Investment Advisors has launched Check Mate, a retirement income planning solution designed to assist defined contribution (DC) plan participants with lifetime income planning.

The Harrisburg, Pennsylvania-based firm says the solution allows individuals to “save up with professionally managed portfolios and spend down with Check Mate.”

The firm explains that retirement income is generated “through the plan savings in the form of regular installment payments, so participants do not need to purchase separate retirement income products.” Retirees who opt-in to Check Mate receive customized annual withdrawal amounts along with spend down guidance throughout their retirement. In addition, participants may request additional withdrawals.

Tara Mashack-Behney, president and partner at Conrad Siegel Investment Advisors, notes that many of the current income solutions on the market rely heavily on annuities—which are associated with higher fees and potential surrender charges. “Check Mate is designed to be flexible and participants may opt out at any time,” she says.

As Check Mate is rolled out to existing Conrad Siegel Investment Advisor clients, the firm will work with plan sponsors to determine installment payments for retirees. The payments will be calculated through a structured approach based on Internal Revenue Service (IRS) mortality tables and minimum distribution requirements.

More information about the service is here.