When thinking about how to address the decumulation phase of retirement saving, plan sponsors have several options to offer guaranteed retirement income products through an insurance company. However, plan sponsors also have the option to offer Non-Guaranteed Retirement Income Payout (NGRIP) solutions to plan participants, which shift investment and longevity risk to the retiree.
Both guaranteed and non-guaranteed payout options have pros and cons. Retirees may prefer NGRIPs over guaranteed income options due to flexibility and lower costs, according to the Institutional Retirement Income Council, which recently published a paper about NGRIPs.
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