Even without regulatory guidance, plan sponsors are already beginning to offer lifetime income options as enticements to their defined contribution plans.
By Paula Aven Gladych|August 08, 2012 at 02:24 PM
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Regulators have yet to issue guidance on how plan sponsors should handle annuities within their defined contribution plans, but that hasn’t stopped many of them from offering a lifetime income option to their retirement plan participants.
Prudential, one of the largest companies offering these types of plans, entered this marketplace six years ago when many companies were phasing out their defined benefit pension plans and that guaranteed stream of income was going away, said Srinivas Reddy, senior vice president of institutional income at Prudential.
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