Question: Our plan committee, working closely with our plan advisor, is considering adding retirement income products to our employee offering starting next year. Are you aware of any current industry resources for us to learn about the products, features and benefits currently availble?
Answer: Earlier this year, the Institutional Retirement Income Council and the Society of Professional Asset Managers and Recordkeepers announced the launch of the Defined Contribution Retirement Income Solutions Framework, a document intended to help plan sponsors, advisers, consultants and fiduciaries compare retirement income products. The resource offers standardized, side-by-side profiles of the products and covers the main categories of retirement income products currently available to defined contribution plan sponsors (such as deferred income annuities and qualifying longevity annuity contracts).
Considering Retirement Income Solutions for Your Plan?
TRA can help plan sponsors navigate evolving retirement plan trends, evaluate provider offerings and support fiduciary decision-making. Our experienced team works alongside advisors and sponsors to help strengthen retirement readiness and deliver meaningful outcomes for participants. Contact TRA to learn how we can support your retirement plan strategy.
