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The concept of adding automatic features to defined contribution plans has proven to be successful at improving retirement savings among participants in employer-sponsored plans. Now, experts suggest automatic plan defaults could be implemented in DC plans to provide retirement income in addition to building savings.

The Institutional Retirement Income Council (IRIC) said it anticipates a tipping point in the next five years where income solutions will be added to a majority of plans. The prediction is part of IRIC’s recent white paperFrom Auto-Enrollment to Auto-Escalation to Auto-Income: How DC Plans Can Evolve to Improve American Retirement Security.”

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