Thank you for sharing!

Your article was successfully shared with the contacts you provided.
In this July 11, 1985 file photo, cans of New Coke and Coca-Cola Classic are on display. New Coke's sweeter formula was a marketed as an improved replacement for the flagship soda, but the outcry was immediate and sustained. Coke tried to sell both versions for awhile, but eventually reverted to “Coca-Cola Classic.” (AP Photo/Charles Kelly, file)

In the past two years, the government decreed the new availability of retirement products that promised to pave the way to post-career happiness by answering the direst needs of savers everywhere. Both the MyRA and the Longevity Annuity came out with such fanfare you’d think regulators had parted the Red Sea.

It turned out not to be the Red Sea, but merely a faded red can of New Coke. Sure, the wizards down in research and development could design anything based on any specs. And the policy wonks thought they had a winner with these particular specs. Regulators thought the MyRA and the QLAC offered the answers to what academic research insisted were the most pressing wants of the working class. So the financial engineers built it, only they didn’t come.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com 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?



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.