Drew Carrington: Retirement income is a topic that we have been talking about to plan sponsors, consultants, advisers and regulators for years. Things have come together to drive increasing awareness, even action.
Demographics certainly are one factor. We have had the cresting of the wave of baby boomers approaching and entering retirement. Another is the hot topic of financial wellness, which acknowledges that not all participants are the same, and this is an important point with respect to retirement income.
There is the realization that we aren't going to find a single one-size-fits-all solution for all the participants approaching retirement in a plan. Plan sponsors also recognize they need to address the unique needs of this population, who actually have most of the assets in the 401(k) system.
What we have discovered, and Neil is going to talk about this as well, is a new framework to think about this issue, which is offering a tool kit for participants approaching retirement — a Retirement Tier.