Annuities Coming Soon To A 401(k) Near You
August 22, 2022 by Jennifer Lea Reed
Upcoming legislation is expected to make it a lot easier for defined contribution retirement plan sponsors to add an annuity product to their mix of equity and fixed-income offerings, which in turn could make it easier for plan participants to solve the issue of longevity risk.
But there are some big requirements for plan sponsors and fiduciary advisors to minimize liability, and potentially a significant hit on rollover assets going to retirees’ advisors, as the annuity contract will stay with the plan sponsor, said Mary Kathryn Campion, founder and president of Champion Capital Research, a Houston-based independent fiduciary advisory and investment management firm.
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