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week ending October 16th, 2020
Provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act aim to relieve retirement plan sponsors’ concerns about including guaranteed income options, specifically annuities, in their defined contribution (DC) plan designs. Educating plan sponsors about annuity options and helping them know how to educate their participants is an important first step in increasing annuity offerings in plans. Plan sponsors need to understand their choices and responsibilities and understand what to consider before implementing guaranteed income solutions in their plans. This edition of PLANSPONSOR Weekend includes articles that will aid in this understanding. Have a great weekend and please be safe.
Editor's Choice
Opinions
Retirement Income: Spotlight on Annuities
Peg Knox, with the Defined Contribution Institutional Investment Association (DCIIA), discusses what plan sponsors should consider before implementing an income solution.
Administration
PSNC 2020: Duties With Regard to Annuities
The momentum for offering annuities to DC plan participants is growing, and plan sponsors need to know their responsibilities and choices.
Investing
Getting Portability Right Key to Annuities in DC Plans
Confidence exists that insurers will come up with solutions to address the possibility that plan sponsors may at some point make provider changes.
Investing
Painful Market Losses Help Paint Annuities in Positive Light
This significant bout of negative market volatility, coming as it does on the heels of the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, presents an important learning opportunity about the role of annuities.
Administration
The Future for Annuities in DC Plans
The SECURE Act offered an annuity selection safe harbor for plan sponsors, but education will be the first step in getting this income protection to plan participants.
Popular Reads
Research
2021 DC Plan Benchmarking Survey
Compliance
House Committee Approves Bill Aimed at Increasing Retirement Plan Coverage
Among other things, the RISE Act would encourage retirement savings by allowing plan sponsors to offer small financial incentives to motivate employee participation.
Data and Research
Working Past Age 65 May Seem Like a Great Idea …
… but the prospects may vary, based on education, race and gender, says CRR.
Participants
Employees Don’t Want ‘All or Nothing’ When It Comes to Guaranteed Lifetime Income
Eighty-one percent of respondents to a survey indicate they are at least somewhat likely to prefer a retirement plan that substitutes guaranteed income for safe investments such as bonds.
Data and Research
2022 Retirement Industry Trends to Follow
As the retirement plan industry looks ahead to the coming year, financial wellness is increasingly seen as a critical solution to help workers and retirees meet their goals.
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