The Retirement Income Industry Association and the Defined Contribution Institutional Investment Association have agreed to jointly manage a new working group of financial services and retirement industry firms to help providers of retirement income products, services and solutions collaborate to include life income options in defined contribution plans.
The Defined Contribution Lifetime Income Working Group comes on the heels of the Obama Administration's initiative to broaden and support the introduction of lifetime income programs for 401(k) and other defined contribution plans.
This collaborative effort is good news for participants in defined contribution plans, said Francois Gadenne, executive director of RIIA, "Qualified retirement plans contain the largest pool of financial assets that many retirees will be able to accumulate in their lifetimes."
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