PLANSPONSOR - February - March 2022 - 10
UPFRONT
DB Design Helps Build DC Lifetime Income
PLAN SPONSORS have added to defined
contribution plans several of the features
that used to characterize defined benefit
pensions, to maximize participants' retirement
readiness, according to sources.
" Now, we see automatic enrollment,
we see target dates, we see managed
accounts that are becoming more
complex and having more options baked
into defined contribution plans, " says
Deb Dupont, assistant vice president for
retirement plans research at the LIMRA
Secure Retirement Institute. " All of these
things make it much easier-and, in fact,
a more passive decision-on the part of
the participant. "
Further, 2019's Setting Every
Community Up for Retirement Enhance10
PLANSPONSOR.COM February - March 2022
ment, or SECURE, Act reduced sponsors'
responsibilities in selecting insurers
that offer annuities. The safe harbor has
prompted sponsors to, increasingly, build
lifetime income options into their retirement
plans to provide for participants'
decumulation stage. And before the
SECURE Act, the Pension Protection Act
of 2006 helped DC plans incorporate DB
concepts, which engendered, for example,
the qualified default investment alternative-especially
in the form of the widely
adopted target-date fund, Dupont adds.
The SECURE Act also empowered
the Department of Labor to mandate
that DC plan participants receive lifetime
income illustrations on their retirement
plan statements to show what their
Art by Miriam Martincic
monthly income amount would be if their
balance was annuitized.
Catherine Collinson, CEO and president
of the Transamerica Institute and
president of the Transamerica Center for
Retirement Studies, points to many innovations
in DC plans.
" We've seen the various forms of
professional guidance and advice available,
especially for retirement savers who aren't
comfortable managing their own retirement
savings and investments, " she says.
" We've seen in-plan annuities, and, with
the different forms of retirement income
and broad selection available to both sponsors
and participants, those can really help
with tailoring solutions to an individual's
needs and circumstances. "
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PLANSPONSOR - February - March 2022
Table of Contents for the Digital Edition of PLANSPONSOR - February - March 2022
INSIGHTS
INDUSTRY ANALYSIS
RULES & REGULATIONS
UPFRONT
Let’s Talk
Let It Grow
When Workers Retire in Stages
Virtual Lessons Learned
Managed Accounts, Today
How ‘Well’ Is ‘Well’ Enough?
Differentiation by Income
FIDUCIARY FORUM
INSIDE ANGLE
PLAN PROFILE
PLANSPONSOR - February - March 2022 - Cover1
PLANSPONSOR - February - March 2022 - Cover2
PLANSPONSOR - February - March 2022 - 1
PLANSPONSOR - February - March 2022 - INSIGHTS
PLANSPONSOR - February - March 2022 - 3
PLANSPONSOR - February - March 2022 - INDUSTRY ANALYSIS
PLANSPONSOR - February - March 2022 - 5
PLANSPONSOR - February - March 2022 - RULES & REGULATIONS
PLANSPONSOR - February - March 2022 - 7
PLANSPONSOR - February - March 2022 - 8
PLANSPONSOR - February - March 2022 - 9
PLANSPONSOR - February - March 2022 - UPFRONT
PLANSPONSOR - February - March 2022 - 11
PLANSPONSOR - February - March 2022 - 12
PLANSPONSOR - February - March 2022 - 13
PLANSPONSOR - February - March 2022 - 14
PLANSPONSOR - February - March 2022 - 15
PLANSPONSOR - February - March 2022 - 16
PLANSPONSOR - February - March 2022 - 17
PLANSPONSOR - February - March 2022 - Let’s Talk
PLANSPONSOR - February - March 2022 - 19
PLANSPONSOR - February - March 2022 - 20
PLANSPONSOR - February - March 2022 - 21
PLANSPONSOR - February - March 2022 - Let It Grow
PLANSPONSOR - February - March 2022 - 23
PLANSPONSOR - February - March 2022 - 24
PLANSPONSOR - February - March 2022 - 25
PLANSPONSOR - February - March 2022 - When Workers Retire in Stages
PLANSPONSOR - February - March 2022 - 27
PLANSPONSOR - February - March 2022 - 28
PLANSPONSOR - February - March 2022 - 29
PLANSPONSOR - February - March 2022 - Virtual Lessons Learned
PLANSPONSOR - February - March 2022 - 31
PLANSPONSOR - February - March 2022 - Managed Accounts, Today
PLANSPONSOR - February - March 2022 - 33
PLANSPONSOR - February - March 2022 - How ‘Well’ Is ‘Well’ Enough?
PLANSPONSOR - February - March 2022 - 35
PLANSPONSOR - February - March 2022 - Differentiation by Income
PLANSPONSOR - February - March 2022 - 37
PLANSPONSOR - February - March 2022 - FIDUCIARY FORUM
PLANSPONSOR - February - March 2022 - INSIDE ANGLE
PLANSPONSOR - February - March 2022 - PLAN PROFILE
PLANSPONSOR - February - March 2022 - Cover3
PLANSPONSOR - February - March 2022 - Cover4
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