Retirement income is the new focus in the retirement plan industry. This week, the Government Accountability Office (GAO) offered suggestions to the Department of Labor (DOL) to help defined contribution (DC) plan sponsors overcome their fear of offering lifetime income products. The GAO also issued a report that more information could help individuals make the best Social Security claiming decisions. A survey found many Americans are unfamiliar with annuities, which could help them create a lifetime income stream, and other research showed people who have a savings plan with specific goals are more likely to make progress toward fulfilling their savings targets. Also this week, the Institutional Retirement Income Council (IRIC) released an issue brief about adding distribution options to DC retirement plans. Enjoy this edition of PLANSPONSOR Weekend!
Rather than a single-sum payment, the Internal Revenue Service (IRS) believes many participants are better served by having the opportunity to elect to receive a portion of their retirement benefits in annuity form while receiving accelerated payments for the remainder of their benefits.Read more >
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