PLANSPONSOR 2021 Plan Progress Series: Evaluating Guaranteed Income Products

The Setting Every Community Up for Retirement Enhancement (SECURE) Act provided a fiduciary safe harbor for selecting an insurer/vendor of guaranteed retirement income contracts and addressed the portability issue for offering in-plan guaranteed income products by permitting participants to transfer annuities no longer authorized to be held as investment options under a defined contribution (DC) plan. Still, plan sponsors might not understand product choices or how to address the huge need for participants to have guaranteed retirement income through DC plan design.