Happy Friday, readers! Skilled retirement plan advisers already know the next frontier of DC plan optimization is the “decumulation challenge.” Experts agree the spending phase of retirement savings is far more complicated than the accumulation effort. Fortunately, advisers can play a big role in helping plan participants make sense of how to build a sustainable retirement paycheck. As Voya Financial learned in a survey published this week, nearly all of those who work with an adviser feel they have prepared themselves well for estimating their monthly income needs in retirement.
Based on the results of a new CANNEX study, advisers who are looking to provide clients with guaranteed income should seriously consider both income annuities and savings annuity contracts that offer GLWBs.
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There have already been regulations to address DC plan sponsors’ concerns about adding retirement income products to their plan, and Angela Winingham, with MetLife, said she thinks there will be a continuation of that.
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Lessons learned from district and appellate court decisions filed this year can help plan sponsor clients better protect their plans and fiduciary staff; 2018 also brought new trends in regulatory audits and investigations of advisers.
The complaint suggests MetLife is failing to meet its obligations to ensure different annuity options offered to pension plan participants are actuarially equivalent default benefit, as required under ERISA.