Happy Friday, readers! Spend even a little time working in the retirement plan services industry and one will see that complexity is an inherent characteristic of the marketplace. This is particularly true when it comes to solving the “decumulation challenge.” Simply put, helping plan participants turn a lump sum of cash savings into a sustainable retirement income stream is hard. Participants want the safety of a guarantee, but they fear the lack of liquidity associated with annuitization. Fortunately, new products and strategies are emerging that may help participants access the income protection they want while also providing a greater degree of flexibility.
According to Cerulli research, the various parties involved in the implementation of an in-plan retirement income solution are often not on the same page about basic terminology and definitions.
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According to Willis Towers Watson, just over 80% of organizations acknowledge the importance of their older workers and managing the retirement process; however, only about half believe they understand the process well, and just one-quarter feel they have found an effective approach.
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Nearly all of those who work with an adviser feel they have prepared themselves well for estimating their monthly income needs in retirement, Voya Financial learned in a survey.
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As retirees drawing Social Security income look forward to a modest increase in benefits scheduled for 2019, AARP has published a list of common Social Security misconceptions.
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Morningstar suggests individuals and their advisers should focus on strategies that can maximize retirement savings, regardless of planned retirement age.
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CFB Board sees decumulation as a likely driver of digital advice innovation, especially as an aging population creates a need for more efficient and effective services.
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The complaint says Boeing should have warned defined contribution plan participant invested in the company's stock that issues the company was having caused the stock price to be inflated.
Principal’s retirement business president offers additional details about the firm’s acquisition of Wells Fargo’s retirement business, while outside analysts reflect on the broader industry implications of two major providers coming together.
Named Fidelity Works, the package will also be available to third parties working with these employers, including advisers, employee benefits brokers, banks and certified public accountants (CPAs).
The 2019 PLANSPONSOR Retirement Plan Adviser of the Year winners and finalists have demonstrated leadership and a commitment to excellence for their retirement plan sponsor clients and participants. Congratulations to all the firms on the list!
