Plan sponsors are often hesitant to offer in-plan retirement income solutions, fearing litigation and large fees. RTX Corporation— one of the first to implement such a solution—can be a model for how to create a guaranteed stream of income for participants in retirement, while also allowing for flexibility and control over one’s assets.
When United Technologies Corporation, a provider of technology products and services to aerospace industries worldwide, saw peer companies shutting their defined benefit pension plans and cash balance plans to new entrants in 2002, the company saw a need for a new guaranteed lifetime income solution.
Kevin Hanney, the […]
Full Post at www.plansponsor.com