Getting Portability Right Key to Annuities in DC Plans
March 20, 2020 by John Manganaro
Discussing the topic of introducing guaranteed lifetime income products in defined contribution (DC) retirement plans, Rob Reiskytl, leader of Aon’s national retirement strategy and design team, says a few statistics his firm discovered in a recent survey should be illuminating.
“Our internal polling shows nearly 75% of employers in 2020 say they feel they should or would like to include lifetime income options in their DC retirement plan,” Reiskytl says. “At the same time, 75% of employees say they want access to some form of guaranteed income solution in their DC plan. So there is a consensus building on both sides of the DC plan—among employers and employees—that lifetime income belongs in defined contribution plans.”