PLANSPONSOR - October/November 2021 - 17

STATEMENT OF OWNERSHIP,
MANAGEMENT AND CIRCULATION
Either way, participants will need to
acknowledge the less favorable climate
ahead and, for many, adjust their planning.
" Even if your stock portfolio has done
well for the year, if interest rates go down
enough, you may fall behind on your
retirement income goal, " October Three's
website observes.
What About Inflation?
To blame, of course, is inflation, which
erodes a retirement account's buying
power. Participants may now need to save
more than the quarterly estimate shows,
Lowell says. " These are things that legitimately
should give plan participants at
least cause for pause. "
To give participants a truer sense
of their savings' value, the sponsor can
guide them to retirement calculators such
as one from DFA that estimates future
buying power, says Kohn. This and other
vendors' tools are based on income illustrations
in DOL guidance from 2013.
" Some calculators take into account not
only interest rates, but inflation, " he says.
For a different type of tool, the S&P's
Cost of Retirement Income dashboard can
show how a change in interest rates could
TIDBITS
Sustainable Claims?
Forty-four percent of investors said
" greenwashing " of investments is
their greatest concern when it
comes to environmental, social and
governance investing, a Quilter
Investors study found. Greenwashing
is defined as " making exaggerated
or misleading environmental claims,
sometimes without offering significant
environmental benefits in return. "
Source: S&P Global
affect investment portfolios, Kohn says.
Paternalistic DC plan sponsors
might communicate more information
than what the law requires about the lifetime
income disclosures. For instance,
" explain that employees need to consider
all sources of income, " Lowell says.
One such source is Social Security
but, like the theoretical disclosure amount,
it provides static payments, Pellerin says.
" As time goes by, that amount will lose its
purchasing power. "
Additional education will help
participants plan a retirement based on
the spending behavior of the lifestyle
they want to lead, Pellerin says. And they
will need help finding resources to help
them achieve that goal. Once participants
understand their risks, they can take steps
to prepare, such as by investing in assets
that help control inflation, saving more
and using savings as a Social Security
bridge so they can wait to claim.
" Perhaps these disclosures on statements
will create a call from participants
for more guaranteed income, " Lowell
conjectures. " Maybe DB plans of one type
or another will become more of a recruiting
tool for employers again. " -Rebecca Moore
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PLANSPONSOR - October/November 2021

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