For years, the insurance industry and advocates for guaranteed income products worked to get a fiduciary sanctuary for employer sponsors of defined contribution plans who put annuities in investment menus. They got that sanctuary — or the annuity provider selection safe harbor — in the Setting Every Community Up for Retirement Enhancement Act. What happens now?
“I do think the safe harbor will create more interest from plan sponsors and drive uptake of existing options and some innovation,” said Sri Reddy, senior vice president in the retirement and income solutions unit of Principal Financial Group.
“But we are still a ways […]
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