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White Papers

Guaranteed Lifetime Income and the Importance of Plan Design

As the percentage of workers with defined benefit plans declines, many Americans continue to lose a critical element of their retirement security: guaranteed lifetime income. In the quest for the best ways to address this and other challenges within defined contribution plans, Prudential Retirement has conducted a study of plan participant outcomes based on client adoption of a default investment that includes a guaranteed lifetime income solution.

While our earlier research relayed how the introduction of in-plan guaranteed retirement income options made participants feel more prepared for retirement and produced better retirement outcomes, our recent findings go a step further. We found that incorporating an in-plan guaranteed lifetime income solution within a plan's default investment can—when combined with auto-enrollment and auto-escalation—lead to American workers adopting even more beneficial behaviors with regard to plan participation, contribution rates and diversification.

Authors

John J. Kalamarides, Senior Vice President, Institutional Investment Solutions, Prudential Retirement and Srinivas D. Reddy, CFA, Senior Vice President, Full Service Investments, Prudential Retirement

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