IRIC said it believes employees will actually welcome the introduction of retirement income products just as they have with other employer-driven retirement plan initiatives. It points out other employer-driven initiatives to influence retirement outcomes have been perceived very favorably by employees include automatic enrollment, automatic escalation, and automatic investment solutions.
According to a press release, the issue brief notes these employer initiatives have resulted in positive outcomes – higher participation rates, higher investment levels – and have also been met with participant acceptance.
“We feel strongly that there is every reason to assume that a similar level of participant acceptance would be extended to retirement income products. In fact, such employer activism might actually be welcomed,” said William Charyk, a partner at Arent Fox LLP, adviser to IRIC and author of the issue brief, in the announcement.To obtain a copy of the issue brief, “Retirement Income Products: Will Employees Welcome or Resent This Form of Employer Activism,” visit http://iricouncil.org/iricArticles.
« CalPERS Shifts Asset Allocations