The Obama Administration’s desire to see greater utilization of guaranteed income products in 401(k) plans has been evident over the past year and a half.
This summer, on the day the White House hosted its once-a-decade conference on aging, the Department of Labor’s Employee Benefits Security Administration published a field assistance bulletin attempting to clarify 401(k) plan sponsors’ fiduciary obligations in selecting and monitoring lifetime income products offered to 401(k) participants.
The bulletin was a part of a broader initiative “designed to increase awareness and availability of lifetime income options in defined contribution plans,” according to a fact sheet the DOL released accompanying the White House’s conference.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
