The Department of Treasury recently took a significant step in addressing the realities of longevity risk in retirement by issuing final rules on deferred income annuities.
But much more remains to be done by both government and industry, according to the Defined Contribution Institutional Investment Association.
"While DCIIA enthusiastically supports the commitment of both the Departments of Treasury and Labor in encouraging more robust and broad-based adoption of lifetime income solutions in U.S. retirement plans, there is still more work to do," the association said in a statement.
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