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The defined contribution (DC) retirement market remains one of the highest-growth markets in the financial services industry, with assets under management close to $9 trillion at the end of 2019, at 8% compound annual growth rate from 2018. That said, this market is not immune to the disruption and uncertainty caused by the COVID-19 pandemic, with plan sponsors evaluating cost-cutting mechanisms and participants who have lost jobs using retirement accounts to cover income shortfalls.

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