Plan sponsors and their recordkeepers have done a great deal to help retirement plan participants save for retirement, but the next big hurdle is getting participants to take action, according to a new MetLife study.
"Retirement Income Practices Study: Perspectives of Plan Sponsors and Recordkeepers for Qualified Plans" examines the dynamics of the plan sponsor-recordkeeper relationship with regard to the provision of lifetime income options in qualified plans. It assessed whether plan sponsors and recordkeepers of defined benefit and defined contribution plans were communicating and working closely on retirement income education, strategies and solutions for their participants.
The survey found that retirement income is the biggest trend in retirement practice trends now and into the future, according to both one-third of plan sponsors and ten out of 12 recordkeepers surveyed.
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