For their part, participants say they feel the pandemic has make their retirement savings more vulnerable.
Panelists discussed how employers can add different lifetime income options into their plans and the appropriate products to use.
The SECURE Act will inevitably lead to more sponsors inquiring about in-plan income options, and advisers need to be ready.
Two insurers have joined the effort to make lifetime income available in a simplified manner.
Tickeron develops AI analysis for 401(k)s, IPX adds extra annuity products for distribution, and Vanguard closes Treasury Money Market Fund.
Sponsors are beginning to be willing to adapt their plans to accommodate retirees' lifetime income needs.
After previously failing to get DOL approval for a target-date fund design that involves an annuity and reinsurance component, LGIMA hopes the Trump Administration will more readily allow such private sector innovations.
Mike Sasso, with Portfolio Evaluations, and a professor at Boston University, explained a new way of thinking to get plan sponsors to focus on retirement income for participants.
Notably, more than 60% of employers want to keep retirees in their plan, and they are looking to change their targeted communications to inspire action, Alight Solutions found.
The majority of DB plan sponsors plan to completely divest all of their company’s liabilities in the near future
However, retirees spend 32% less than non-retirees.
MassMutual will take on approximately $50 million of the company’s pension plan obligations.
Nearly half of workers feel confident about their retirement prospects, an AllianceBernstein survey found.