Better Participant Outcomes Through In-Plan Guaranteed Retirement Income
Author(s): Christine C. Marcks, President, Prudential Retirement; John J. Kalamarides, SVP, Institutional Investment Solutions, Prudential Retirement
Published: January 31. 2013 9:16PM
Over the past 30 years, the move to Defined Contribution plans served to reduce many of the costs and fiduciary risks that employers faced with Defined Benefit plans. However, this shift has posed serious problems for many employees: principally the loss of a reliable source of lifetime retirement income. It also places the control--and burden--of managing retirement accounts in the hands of employees.
One way financial services companies have addressed the challenges faced by employees is to offer in-plan guaranteed retirement income options. These can be added to a traditional retirement plan to help provide employees with a source of guaranteed lifetime income.
With more than 7,000 plans now offering Prudential's in-plan guaranteed retirement income option, we conducted two research studies in late 2011 to determine how in-plan guaranteed retirement income options have impacted participants' preparedness for retirement and improved their retirement outcomes. This paper details the findings.
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