With defined benefit plans on the outs, companies with defined contribution plans are looking for better ways to help their employees understand what they need to retire in comfort and help them to achieve that.
One way is to include guaranteed lifetime income products within their plans, according to a white paper by DrinkerBiddle.
"Lifetime Income in Defined Contribution Plans: A Fiduciary Approach" looks at the significant risks workers face now that they don't have access to defined benefit plans. One of the biggest challenges is a lack of understanding about the amount of money they will need to retain their current lifestyle and the likelihood that most people will outlive their retirement income. Many people also don't understand how much money they can withdraw from their retirement accounts and still have money left 20 years down the road.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
