As awareness grows for the importance of income in retirement, in-plan guarantees are growing in number and in assets. In-plan annuity guarantees allow participants in retirement plans to protect some of their savings to provide future retirement income while they are still working and contributing to their plans.
A LIMRA Secure Retirement InstituteTM (SRI) survey of in-plan guarantee availability and election found that in 2013 the total assets covered by an in-plan guarantee grew 31 percent since 2012 to reach $2.9 billion. The number of plans offering in-plan guarantees increased to 23,500 a 10 percent gain over the year before.
Eight out of 10 U.S. workers believe that employers should provide ways to convert savings into retirement income according to LIMRA SRI research. Younger workers are particularly interested in this option. Ninety percent of workers age 18-34 said they somewhat or strongly agree that employers should provide avenues to convert savings into income at retirement.
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