Fidelity Investments has added another option for an annuity-driven retirement income offer to create a “pension-like” paycheck from defined contribution retirement plans, according to a Thursday announcement.
Fidelity’s Guaranteed Income Direct, now available to plan sponsors nationally after it was initially presented by the firm in 2021 , gives participants an option to convert 401(k), 403(b), or 457(b) savings into an immediate income annuity that will produce a steady paycheck in retirement—solving for the oft-discuss decumulation problem among employer plan participants and American savers overall.
The offering gives participants the choice of purchasing an income annuity directly through an employer’s plan […]
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