LAS VEGAS – While regulators and the retirement industry fight over lifetime income illustrations, the federal government's Thrift Investment Board says its participants' savings rates shot up after it redesigned its account statements to emphasize monthly income projections.
"We just made it very clear and plain," said Greg Long, executive director of the largest defined contribution plan in the world.
The change, most significantly, involved prominently displaying an account holder's projected monthly income in large type so that the "mailmen, senators and everyone in between" who's in the plan can't miss it.
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