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Interest in retirement income product development that would provide a guaranteed, steady income stream in retirement has recently resurfaced as a priority among asset managers and insurers. It's been driven in part by legislation and in part by a growing desire among plan sponsors to retain participants in defined contribution plans after they retire.
Retirement income products are not new. The first in-plan solutions hit the market as far back as 2004, when MetLife launched an in-plan deferred fixed annuity where each contribution purchased a small piece of future guaranteed income. But cost and complexity were prohibitive and plan sponsors worried about liability related to offering such products.
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