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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Lew Minsky, executive director of DCIIA, said that, "Few income programs have been offered inside of defined contribution plans. That is most likely because of the uncertainty surrounding the tax and fiduciary considerations for plan sponsors interested in making lifetime income solutions available to their plan participants. We now have a clear indication of executive branch support that will help plan sponsors that would like to offer these programs to their employee participants."
Founded in 2006 by leading financial services companies, advisors, associations and academics, the Retirement Income Industry Association gives the industry a rigorous, research-driven, household-focused foundation for developing retirement solutions to serve retirees today and into the future.
The Defined Contribution Institutional Investment Association is a nonprofit association dedicated to enhancing the retirement security of American workers. To do this, DCIIA fosters a dialogue among the leaders of the defined contribution community who are passionate about improving defined contribution plan design. DCIIA members include investment managers, consultants, law firms, recordkeepers, insurance companies, plan sponsors and others committed to the best interests of plan participants.
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