PSNC 2023: Addressing In-Plan Annuity Reluctance

PSNC 2023: Addressing In-Plan Annuity Reluctance

Plan sponsors have not incorporated in-plan annuities because retirement plan committees are held back by fear of missing out on better offerings and concerned the plan will be stuck with the selection, according to industry experts.

Despite an increase in the retirement income conversation in recent years, in part driven by participants saying they want additional guaranteed income beyond Social Security, employers have remained reluctant to offer a retirement paycheck that can be paid out from an individual’s accumulated balanced by a guaranteed lifetime income annuity option, explained John Doyle, a senior vice president and defined contribution strategist, at Capital […]

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