Plan sponsors are “slowly embracing”lifetime income solutions in defined contribution plans, butthey’re turning more toward plan withdrawals, education andplanning tools than they are to products such as annuities.
That’s according to a new study from Willis Towers Watson, which defined lifetimeincome solutions as “includ[ing] education and the tools necessaryto help plan participants determine how to spend down accumulatedsavings in retirement, as well as in-plan and out-of-plan optionsthat create streams of income from employer-sponsored retirementplans.”
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