Moving the Needle on Retirement Income
|
|
- Garey Cross
- 5 years ago
- Views:
Transcription
1
2 Moving the Needle on Retirement Income MODERATOR: Lee Stevens, Vice President, National Sales Manager Institutional Market, Empower Retirement PANELISTS: Daniel Beard, Director of Administration, Office of Defined Contribution Programs, State Board of Administration of Florida Renée Wilder Guerin, Acting Director, Office of Participant Operations and Policy, Federal Retirement Thrift Investment Board Raymond Jimenez III, Associate Administrator/CFO, Adventist Retirement Steve Shepherd, Partner, Head of Institutional Annuities and Life Insurance Solutions, Aon Hewitt
3 As a plan sponsor, do you currently offer a lifetime income solution to your employees? 1. Yes 2. No, but we are considering adding it 3. No, we do not plan to add it at this time 4. I don t know what a lifetime income solution is Thank you to our Diamond Sponsor
4 For those considering adding a lifetime income solution, what s your time frame? 1. Within the next 12 months 2. 1 to 2 years Thank you to our Diamond Sponsor
5 What s your main concern with introducing an in-plan lifetime income solution? 1. Fiduciary concerns 2. Operational and administrative complexity 3. Plan-level portability 4. Participant appreciation, understanding and engagement Thank you to our Diamond Sponsor
6 Older workers approaching retirement face significant challenges managing their retirement savings and run the risk of exhausting their savings. Contributing factors include: Longer Life Expectancy Market Volatility Erosion of purchasing power through inflation Rising medical costs Unrealistic expectations about post-retirement employment Ill-advised financial decisions The consequences of failing for U.S. retirees are severe exhausting savings during retirement, relying solely on Social Security and living in poverty or near poverty.
7 Help participants generate lifetime income streams Annuity options are rarely found in 401(k) or other DC plans. Of the 366 Fortune 1000 companies responding to a recent Plan Sponsor survey: Fewer than 5% offer annuities More than 77% offer no income-oriented products or services Even when annuities are available, participants utilization rate has historically been very low. Only about 1% of DC plan participants convert their balances to annuities, says a recent EBRI report.
8 Daniel Beard, Director of Administration, Office of Defined Contribution Programs State Board of Administration of Florida
9 Florida Retirement System Investment Plan Payment Options Rollover Lump-sum On demand or scheduled Annuity payments Combination
10 Florida Retirement System Investment Plan Annuities MetLife Immediate Fixed Income Annuities Deferred Income Annuities (QLAC) Introduced December 2015 EY financial planners run quotes
11 Newsletter Quarterly Annuity Quote Quarterly Newsletter Includes latest annuity quote $100,000 balance Single/joint & survivor Included with quarterly statement [Quarterly Annuity Quote]
12 Monthly/Yearly Annuity Letters [Monthly Letter Sample] Monthly Letters To: Terminated IP members > $50,000 Deferred Retirement Option Program rollovers > $50,000 Annuity quote on 100%/50% of balance Yearly Letters Terminated IP > Age 69½ > $50,000 - RMD
13 Letters to Members Began in April 2010 Annuities from July 2002 to April purchased ($1.2 mil.) Annuities from April 2010 to present 60 purchased ($8.4 mil.) Increase in number of annuities purchased Increase in member s awareness of annuities
14 Renée Wilder Guerin Acting Director, Office of Participant Operations and Policy Federal Retirement Thrift Investment Board
15 Thrift Savings Plan CSRS Civil Service Retirement Plan FERS Federal Employee Retirement Plan TSP Thrift Savings Plan Uniformed Services
16 Thrift Savings Plan $450 billion 4.8 million participants Periodic payments No in-plan annuity Immediate annuity available as a distribution option
17 Annuity Purchase History Number Disbursed 2,500 2,000 1,500 1, ,372 Contracts Dollars Disbursed (000 s) 2015 Dollars $237,351
18 2015 Retirement Withdrawals 19% 8% 4% 69% 100% Annuity Payment Annuity and Single Payment Annuity and Monthly Payments Annuity, Monthly & Single
19 Participant Education
20 Participant Education Now Retirement letter and brochure Tweets Videos Later Greater withdrawal flexibility Outreach prior to retirement Zone of Confidence Re-engineer withdrawal election forms
21 Raymond Jimenez III Associate Administrator/CFO Adventist Retirement
22 Adventist Retirement DC Plan Profile Over $1 billion in assets Over 25,000 participants with a balance Participant Profile Retirement plan is primary retirement asset for many participants Plan Features Managed Accounts Online Advice Target Date Funds Asset Allocation Models In Plan Retirement Income Guaranteed Lifetime Withdrawal Benefit (GLWB)
23 Adventist Retirement The Case for Guaranteed Retirement Income Retirees are living longer Timing retirement can be a risky proposition for participants Participants and plan sponsors value certainty and predictability Average participants tend to invest based on emotion, damaging their retirement income potential
24 Adventist Retirement Why an in-plan retirement income solution Majority of Americans do not have access to professional financial advice In-plan solutions provide the best opportunity for participants/investors to gain access to retirement income solutions Many participants do not have enough assets outside their retirement plan to fund a retirement income solution Does not require a distributable event to fund a retirement income solution. Many employers are making it a priority to help their employees particularly the Baby Boomer generation become retirement ready by helping employees account for their retirement income needs Retirement income solutions help plans balance their investment lineup by helping participants account for both the accumulation phase of retirement as well as the income phase
25 Guaranteed Lifetime Withdrawal Benefit
26 Adventist Retirement GLWB Roll Out Fund Addition Letter Direct Mail Campaign Link to microsite Banner Website Messaging Plan Highlights with SecureFoundation II Information Direct Mail Plan Sponsor Flyers - Participant Flyers Direct Mail Participant Education Presentations Pre-Retirement Presentations Directed at those 55 and older, presented at Employer locations
27 Steve Shepherd Partner, Head of Institutional Annuities and Life Insurance Solutions Aon Hewitt
28 Employees Not on Track for Adequate Income Average participant needs 11.1x pay at age 65 for retirement income, yet DC-only participants fall short Less than 1 out of 5 DC-only participants is on-track for a reasonably adequate retirement Multiple of ending salary x pay Need 4.1 x pay 7.0 x pay Reality Income Gap 0 Reasonably adequate retirement defined as being within 2x pay of projected retirement needs Source: Aon Hewitt s The Real Deal, 2015 Retirement Income Adequacy at Large Companies; based on results for full-career contributing employees who only have a defined contribution plan available for retirement income accumulation.
29 Converting Savings to Retirement Income 67% Feel supporting the process to have participants convert balances to lifetime income is very or moderately important 48% Are very likely or moderately likely to address ways to encourage lifetime income in 2016 Prevalence of Tools and Products to Convert Savings to Lifetime Income In-plan annuity or insurance product 7% 30% In-plan managed account with drawdown 66% Online tools or apps to help see how much to spend 12% Facilitation to purchase annuities outside plan 45% Distribution option to receive monthly payments Source: Aon Hewitt s 2016 Hot Topics in Retirement and Financial Well-being Survey Percentages shown are those who answered Already Offer
30 Barriers to Adding In-Plan Income Solutions 53% Waiting to See Market Develop 43% Fiduciary Concerns 40% Operational or Administrative Concerns 34% Participant Utilization Concerns Source: Aon Hewitt s 2016 Hot Topics in Retirement and Financial Well-Being Survey Percentages shown are those who answered Major Barrier
31 How Sponsors Think about the Market 1. Early Adopters 2008 Safe Harbor Due Diligence 2. Wait & See Counterparty Risk Future Regulatory Actions 4. Legally Required 3. Follow the Crowd
32 Retirement Income Solution Categories Income Category Scheduled Payout Ongoing Guaranteed Income Purchase Lump Sum Annuity Purchase Longevity Insurance Type of Option Managed Payout Existing Funds Managed Payout New Fund Deferred Guaranteed Withdrawal Benefit Deferred Guaranteed Income Benefit Deferred Fixed Annuity Traditional annuity End of plan Annuity Platform Longevity Insurance
33 Aon Hewitt s Views on Retirement Income Prepare for Evolving Environment Evaluate Market as it Matures Continue to Assess Options Retirement income options are evolving DC plans - critical retirement income source Firms starting to implement The Government supporting and encouraging The market is addressing initial sponsor concerns Greater fee transparency Lower counterparty risk Better portability through middleware Plan Sponsor action steps: Examine non-insurer and insurer solutions Assess the right time to add retirement income Consider short-term and long-term fiduciary implications
34
Making Retirement Income Last a Lifetime: Public Policy Options and Practical Tools
Making Retirement Income Last a Lifetime: Public Policy Options and Practical Tools Capitol Hill Briefing April 13, 2018 Today s Presenters Josh Shapiro, MAAA, FSA, EA, FCA Vice President, Pension Practice
More information2013 Hot Topics in Retirement
Consulting/HR Outsourcing Retirement 2013 Hot Topics in Retirement Focusing on Financial Wellness Focusing on Financial Wellness Aon Hewitt is pleased to provide you with this 2013 Hot Topics in Retirement
More information2015 Retirement Webinar Series. Prepared by Aon Hewitt Retirement and Investment
2015 Retirement Webinar Series Prepared by Aon Hewitt Retirement and Investment 2015 Hot Topics in Retirement Results Rob Austin, Director of Retirement Research Byron Beebe, US Retirement Market Leader
More information2019 HOT TOPICS IN RETIREMENT AND FINANCIAL WELLBEING. Building on the past, working toward the future
2019 HOT TOPICS IN RETIREMENT AND FINANCIAL WELLBEING Building on the past, working toward the future About this report The 2019 Hot Topics in Retirement and Financial Wellbeing report is based on an annual
More informationIn-Plan Guaranteed Lifetime Income:
In-Plan Guaranteed Lifetime Income: Debunking Portability Myths Defined contribution plan assets are now recognized as a primary source for income for future retirees. With this shift has come increased
More informationConsulting HR Outsourcing Retirement Hot Topics in Retirement A Changing Horizon
Consulting HR Outsourcing Retirement 2011 Hot Topics in Retirement A Changing Horizon About This Survey This year s survey results show that employers are continuing to assess the most effective way to
More informationREQUIRED MINIMUM DISTRIBUTIONS
REQUIRED MINIMUM DISTRIBUTIONS AND PLAN DISTRIBUTIONS March 22, 2018 Presented by: John P. Griffin, J.D., LL.M. ASC Institute, LLC Littleton, CO www.asc-net.com General Rules for Required Minimum Distributions
More informationWhat s Your Best Retirement Date?
What s Your Best Retirement Date? A NARFE Federal Benefits Institute Webinar Presented by Tammy Flanagan 1 Sponsored by Consider all of the moving parts! Civil Service Retirement System (CSRS) Federal
More informationTOPICS IN RETIREMENT INCOME
TOPICS IN RETIREMENT INCOME Defined Contribution Plan Design: Facilitating Income Replacement in Retirement For plan sponsors, facilitating the ability of defined contribution (DC) plan participants to
More informationRetirement funding is at a crossroads. For many years, Why Income Should Be the Outcome of a Defined Contribution Plan. Retirement
Retirement Why Income Should Be the Outcome of a Defined Contribution Plan Defined contribution (DC) plan participants need to understand how their savings will translate to income during retirement. For
More informationTestimony on Behalf of Hewitt Associates LLC. By Dan Campbell Defined Contribution Administration Practice Leader
Testimony on Behalf of Hewitt Associates LLC By Dan Campbell Defined Contribution Administration Practice Leader Before Department of the Treasury and Department of Labor Joint Hearing on Certain Issues
More information2014 Hot Topics in Retirement
Consulting Outsourcing Retirement 2014 Hot Topics in Retirement Building a Strategic Focus Building a Strategic Focus Aon Hewitt is pleased to provide you with our 2014 Hot Topics in Retirement survey
More informationThe World of DC in 2015: A Global Analysis
The World of DC in 2015: A Global Analysis March 2015 Risk. Reinsurance. Human Resources Speakers Session 1 Welcome Stewart Fotheringham Stewart.fotheringham@aonhewitt.com International Chair Colin Haines
More informationPENTEGRA RETIREMENT SERVICES DISTRIBUTION PATHTM. The path to helping participants plan successfully
PENTEGRA RETIREMENT SERVICES DISTRIBUTION PATHTM The path to helping participants plan successfully Making a secure retirement a reality. What are your choices? What s the right amount? What s the best
More informationRisky Business: Living Longer Without Income for Life
Risky Business: Living Longer Without Income for Life ERISA Retirement Income Working Group Nancy Bennett, FSA, CERA, MAAA Senior Life Fellow American Academy of Actuaries August 24, 2013 All Rights Reserved.
More informationWhy is this important?
Why is this important? Every day, more than 10,000 baby boomer reach age 65 and this will continue to happen every single day for the next 18 years. Retirees are living much longer than previous generations
More information401(k) of the Future Lifetime Income Solutions
the Future - Retirement Income Whitepaper 401(k) of the Future Lifetime Income Solutions Fourth Quarter 2013 Clifford H. Dunteman, Jr. CIMA Vice President In May 2013, the U.S. Department of Labor (DOL)
More information2014 Retirement Webinar Series
2014 Retirement Webinar Series Emerging Trends in DC Investments: Learning from the Leaders Alison Borland, Clinton Cary, Winfield Evens Retirement Webinar Series February 19, 2014 1 Agenda Section 1 Section
More informationPlanet DCTM IT S A NEW WORLD IN RETIREMENT. Retirees at Risk. Five key challenges retirees face and the impact on their retirement benefits.
Planet DCTM IT S A NEW WORLD IN RETIREMENT Retirees at Risk Five key challenges retirees face and the impact on their retirement benefits. Baby Boomers face a stark reality: They may not have enough money
More informationIncome for Life + Living + You
Income for Life + Living + You ANNUITY INCOME Brighthouse Guaranteed Income Builder Available as a Qualifying Longevity Annuity Contract. Income options and features may vary by state or firm. Table of
More information2014 Retirement Webinar Series
2014 Retirement Webinar Series Summer in Washington What it Means for Retirement Plans Hitz Burton, Aon Hewitt Barb Hogg, Aon Hewitt Matt Maloney, Aon Hewitt Steve Shepherd, Hewitt EnnisKnupp, Inc. 1 Summer
More informationWhite Paper. The truth about institutional income annuities
White Paper The truth about institutional income annuities More often than not, the word annuity raises concerns because of conventional wisdom that all annuities are costly, complicated, offer limited
More informationThe Role of Information and Expectations in Retirement Planning Communicating Income vs. Lump Sums. By Anna M. Rappaport, FSA, MAAA
The Role of Information and Expectations in Retirement Planning Communicating Income vs. Lump Sums By Anna M. Rappaport, FSA, MAAA Paper Prepared for Retirement 20/20 Abstract In defined contribution plans,
More informationThe New Retirement Emerging Issues Affecting Financial Security
The New Retirement Emerging Issues Affecting Financial Security Anna Rappaport Chairperson, Committee on Post-Retirement Needs and Risks, Society of Actuaries Mathew Greenwald President, Mathew Greenwald
More informationFrequently Asked Questions About QLACs and IRAs
Frequently Asked Questions About QLACs and IRAs If you have an IRA or other qualified retirement plans and are over the age of 50, you should know about a planning opportunity using something called a
More informationPresented by: Don Stone, President and Co-founder Plan Sponsor Advisors Phone:
Presented by: Don Stone, President and Co-founder Plan Sponsor Advisors Phone: 312.214.1500 Email: dstone@psaretire.com Bruce Ashton, Partner Drinker Biddle & Reath LLP Phone: 310.203.4048 Email: Bruce.Ashton@dbr.com
More informationDesign Matters: Plan Distribution Options
May 2018 www.dciia.org Design Matters: Plan Distribution Options Taking Money Out for Retirement Contributors Jessica Sclafani, Cerulli Associates Rennie Worsfold, Financial Engines Doug Keith, GMO Elizabeth
More informationACHIEVING RETIREMENT SECURITY IN AN ERA OF UNCERTAINTY: Three Important Steps
ACHIEVING RETIREMENT SECURITY IN AN ERA OF UNCERTAINTY: Three Important Steps Christine C. Marcks President, Prudential Retirement While the goal of achieving retirement security is arguably more challenging
More informationFIXED INCOME ANNUITY QUESTIONS & ANSWERS
Metropolitan Life Insurance Company FIXED INCOME ANNUITY QUESTIONS & ANSWERS Important Information about Fixed Income Annuities for FRS Investment Plan Participants This information will help you decide
More informationQuestionnaire. Who is the primary driver behind your organization s benefits decisions?
STRATEGIC PLAN: Questionnaire Question 1 of 24 Who is the primary driver behind your organization s benefits decisions? Finance Representative Human Resources Cross-Functional Committee Parent Company
More informationMassMutual RetireEase Choice SM
MassMutual RetireEase Choice SM A Flexible Premium Deferred Income Annuity TABLE OF CONTENTS 1 Predictable future income 3 Section 1: The contract 8 Section 2: Purchase payments 10 Section 3: Annuity Date
More informationThe Current State of Retirement Security in the United States. April 5, 2017
Hearing Statement The Before the U.S. Senate Committee on Banking, Housing, & Urban Development Subcommittee on Economic Policy The Current State of Retirement Security in the United States April 5, 2017
More informationInvestment Strategy Webinar. July 17, 2013
Investment Strategy Webinar July 17, 2013 Presenters Bob Penter, CFA, Partner Pension Risk Management Phone: 770.690.7674 Email: bob.penter.2@aonhewitt.com Lucinda Downing, Sr. Research Analyst Global
More informationIMPROVING PARTICIPANT OUTCOMES: AN ACTION PLAN FOR PLAN SPONSORS
IMPROVING PARTICIPANT OUTCOMES: AN ACTION PLAN FOR PLAN SPONSORS By Carol A. Idone, CFP, AIF www.hanysbenefits.com 2013 HANYS Benefit Services. All rights reserved. 1 Contents Intro 2 Changing Times 3
More informationRetirement Security: Public Perceptions and Misperceptions
Retirement Security: Public Perceptions and Misperceptions Anna M. Rappaport, MAAA, EA, FSA Chairperson, Committee on Post-Retirement Risks and Needs, Society of Actuaries Mathew Greenwald President, Mathew
More informationTestimony. on Behalf of Aon Hewitt. By Alison T. Borland, FSA. Vice President Retirement Solutions & Strategies. Before. U.S. Senate HELP Committee
Testimony on Behalf of Aon Hewitt By Alison T. Borland, FSA Vice President Retirement Solutions & Strategies Before U.S. Senate HELP Committee Can We Do More to Keep Savings in the Retirement System? March
More informationInvesting for a Lifetime. Guaranteed. Providing guaranteed lifetime-income options can improve participants retirement readiness.
Investing for a Lifetime. Guaranteed. Providing guaranteed lifetime-income options can improve participants retirement readiness. For Institutional Investor Use Only. Not for Use With or Distribution to
More informationBetter Financial Security in Retirement? Realizing the Promise of Longevity Annuities. Katharine G. Abraham Benjamin H. Harris November 6, 2014
Better Financial Security in Retirement? Realizing the Promise of Longevity Annuities Katharine G. Abraham Benjamin H. Harris November 6, 2014 Defined contribution plans are replacing traditional defined
More information2018 American Academy of Actuaries. All rights reserved. May not be reproduced without express permission.
Today s Objective Advance retirement policy by focusing on new or emerging ideas that have the potential to better align public policy with current and future retirement needs. 2 Policy Must Keep Up Drivers
More informationYou do not have to sign in and out for InFRE credits InFRE tracking forms were included in conference registration materials.
Continuing Education Credits Be sure to sign the Sign-In/Sign-Out sheet outside of the room when applying for Continuing Education Credits for the following certifications. (Check the appropriate certification)
More informationEARLY TO MID CAREER Presented by Stewart Kaplan
EARLY TO MID CAREER Presented by Stewart Kaplan FEDERAL RETIREMENT THRIFT INVESTMENT BOARD 77 K Street, NE Washington, DC 20002 1-877-968-3778 TSP.GOV Agenda First Steps: Preparing for Separation Changes
More informationPREPARING FOR A MORE COMFORTABLE RETIREMENT
PREPARING FOR A MORE COMFORTABLE RETIREMENT As financial professionals who specialize in helping government employees transition from work to retirement, we understand that you may have questions about
More informationDistribution options summary
Distribution options summary For Governmental 457(b) Deferred Compensation Plans (for pre-tax deferral only) The Voya family of companies is committed to providing you with the information you need to
More informationRETIREMENT QUESTIONS GOVERNMENT EMPLOYEES SHOULD BE ASKING
RETIREMENT QUESTIONS GOVERNMENT EMPLOYEES SHOULD BE ASKING 8/25/16 Preparing For a More Comfortable Retirement As financial professionals who specialize in helping government employees transition from
More informationPlan Participants: The Key to Developing Your Retirement Business
WORKSITE FINANCIAL SOLUTIONS Plan Participants: The Key to Developing Your Retirement Business Worksite Financial Solutions White Paper Executive Summary Table of Contents: 3 The Trouble with the Status
More informationAre You Looking at Retirement Income Alternatives? The DOL and IRS Are!
Are You Looking at Retirement Income Alternatives? The DOL and IRS Are! W. Waldan Lloyd, Shareholder Employee Benefits and ERISA Section Chair Callister Nebeker McCullough Salt Lake City, UT wwlloyd@cnmlaw.com
More informationIssue Brief. Salary Reduction Plans and Individual Saving for Retirement EBRI EMPLOYEE BENEFIT RESEARCH INSTITUTE
November 1994 Jan. Feb. Salary Reduction Plans and Individual Saving for Retirement Mar. Apr. May Jun. Jul. Aug. EBRI EMPLOYEE BENEFIT RESEARCH INSTITUTE This Issue Brief explores the issues of salary
More informationGuaranteed Income in a Defined Contribution Plan:
At-A-Glance Guaranteed Income in a Defined Contribution Plan: Important Considerations for Plan Fiduciaries By Tina M. Wilson, CFA Vice President, Product Development, MassMutual Retirement Services Division
More informationSession #2 San Francisco 0:30 / New York 03:30 / London 08:30 / Beijing 15:30 / Sydney 17:30
Session #1 16 May 2016 San Francisco 19:00 / New York 22:00 17 May 2016 London 03:00 / Beijing 10:00 / Sydney 12:00 Session #2 San Francisco 0:30 / New York 03:30 / London 08:30 / Beijing 15:30 / Sydney
More informationSECURE INCOME. A Fixed, Deferred Income Annuity PACIFIC. Purchase Payments. Age Guidelines. Ownership Guidelines. Annuity Payment Start Date
PACIFIC SECURE INCOME A Fixed, Deferred Annuity Purchase Payments Age Guidelines Ownership Guidelines Annuity Payment Start Date Flexible premium. Multiple purchase payments are permitted only with the
More informationThe evolving retirement landscape
The evolving retirement landscape This report has been sponsored by A Research Report by Lauren Wilkinson and Tim Pike Published by the Pensions Policy Institute May 2018 978-1-906284-52-23 www.pensionspolicyinstitute.org.uk
More informationWritten Testimony of Cynthia Mallett Vice President for Industry Strategies & Public Policy Corporate Benefit Funding MetLife
Written Testimony of Cynthia Mallett Vice President for Industry Strategies & Public Policy Corporate Benefit Funding MetLife Before the Department of Labor s Advisory Council on Employee Welfare and Pension
More informationFederal Employee Benefits Analysis
Federal Employee Benefits Analysis September 8, 2010 Sample Analysis 1234 Main Street Any Town, US 54321 Note: This is an example only and formats will vary between individual retirement planners and based
More informationIt s safe to say that over the past 10
BEST PRACTICES CalPERS A Plan for Reigning in Risk By Cheryl Eason The California Public Employees Retirement System developed a funding risk-mitigation policy that will lower the discount rate in years
More informationTestimony of Robert Melia Executive Director of the Institutional Retirement Income Council (IRIC)
Testimony of Robert Melia Executive Director of the Institutional Retirement Income Council (IRIC) To the Advisory Council on Employee Welfare and Pension Benefit Plans Regarding Lifetime Income Solutions
More informationMay 3, 2010 FILED ELECTRONICALLY
May 3, 2010 FILED ELECTRONICALLY Office of Regulations and Interpretations Employee Benefits Security Administration Room N-5655 Department of Labor 200 Constitution Avenue, NW Washington, D.C. 20210 Attn.:
More informationSESSION/SÉANCE : 34 DC Plans: Comparing the Canadian and the U.S. Experience. SPEAKER(S)/CONFÉRENCIER(S) : Steven Mews, FSA, FCIA
SESSION/SÉANCE : 34 DC Plans: Comparing the Canadian and the U.S. Experience SPEAKER(S)/CONFÉRENCIER(S) : Steven Mews, FSA, FCIA Emergence of DC Plans in Canada Members covered by a Registered Pension
More informationRetirement Readiness: Bridging the Gap Across Generations
Consulting/Outsourcing Retirement Retirement Readiness: Bridging the Gap Across s.. December 2010 Retirement Readiness: Bridging the Gap Across s Over the past decade, the rise in defined contribution
More informationLIFETIME INCOME POLL. Perspectives of Defined Contribution Plan Sponsors on Regulatory Developments
LIFETIME INCOME POLL Perspectives of Defined Contribution Plan Sponsors on Regulatory Developments 2016 ABOUT METLIFE MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates ( MetLife ), is
More informationTestimony of. Larry H. Goldbrum, Esq. General Counsel, The SPARK Institute. And
Testimony of Larry H. Goldbrum, Esq. General Counsel, The SPARK Institute And Susan Unvarsky Senior Vice President, Operations, Prudential Retirement Before the United States Department of Labor Employee
More informationRetirement Annuity and Employment-Based Pension Income, Among Individuals Aged 50 and Over: 2006
Retirement Annuity and Employment-Based Pension Income, Among Individuals d 50 and Over: 2006 by Ken McDonnell, EBRI Introduction This article looks at one slice of the income pie of the older population:
More informationDesigning a Monthly Paycheck in Retirement MANAGING RETIREMENT DECISIONS SERIES
Designing a Monthly Paycheck in Retirement MANAGING RETIREMENT DECISIONS SERIES August 2017 WHERE S MY PAYCHECK GOING TO COME FROM? That is a common question for new retirees and near-retirees when they
More informationHello and good morning/afternoon. I m with MetLife, and today I d like to talk to you about a new way that your clients can build future, pension
Hello and good morning/afternoon. I m with MetLife, and today I d like to talk to you about a new way that your clients can build future, pension like lifetime income. But this new annuity product from
More informationRETIREMENT PERSPECTIVES SURVEY KEY FINDINGS. Commissioned survey conducted by
2018 RETIREMENT PERSPECTIVES SURVEY KEY FINDINGS Commissioned survey conducted by When it comes to retirement, a majority of Baby Boomers are unsure if they ve saved enough, and many lack knowledge about
More informationPROMOTING PLAN SUCCESS
PROMOTING PLAN SUCCESS BEST PRACTICES FOR IMPROVING EMPLOYEE RETIREMENT READINESS INSIDE Industry Insights I Trends I Best Practices EVERYONE BENEFITS WHEN EMPLOYEES CAN RETIRE ON TIME This paper provides
More informationHave the Australians got it right? Converting Retirement Savings to Retirement Benefits: Lessons from Australia
Have the s got it right? Converting Retirement Savings to Retirement Benefits: Lessons from Australia Hazel Bateman Director, Centre for Pensions and Superannuation Risk and Actuarial Studies The University
More informationAnnual Limit on Elective Deferrals
Annual Limit on Elective Deferrals Part I of this fact sheet describes the Internal Revenue Service (IRS) annual limit on elective deferrals (tax-deferred contributions from your pay) and explains how
More informationImprove your employees retirement readiness by mapping to target date funds.
DC Insights The Value of Mapping to Target Date Funds Improve your employees retirement readiness by mapping to target date funds. 1 Participant benefits Turn a Fresh Start for Your Plan Into a Head Start
More informationAbove and Beyond The Latest in Investment Menu Innovations
Above and Beyond The Latest in Investment Menu Innovations Moderator: Jayson Davidson, Hyas Group Speakers: Steve Toole, State of North Carolina Brendan Curran, State Street Global Advisors Order of the
More informationThe 4% rule or Core Income 7?
Core Income 7 Annuity (R-7/2017) Allianz Life Insurance Company of North America The 4% rule or Core Income 7? Seeking guarantees and opportunity amid market volatility When it comes to retirement planning,
More informationClosing the Gap Between Belief and Behavior
Closing the Gap Between Belief and Behavior BlackRock s 2010 401(k) Participant Behaviors and Attitudes Study DefinedContribution 2 Closing the Gap Between Belief and Behavior The Blackrock survey: Understanding
More informationRetirement Readiness from Mindset to Action THE AUSTRALIAN RETIREMENT VISION SURVEY
Retirement Readiness from Mindset to Action THE AUSTRALIAN RETIREMENT VISION SURVEY 3 The Retirement Challenge 4 Australians Vision for Retirement 6 Lifestyle Expectations 6 Lifestyle Concerns 8 Income
More informationPresented by John Grobe Retired Federal Employee and Educator And Vince Bono Founder of Federal Employee Advocates Hosted by Todd Ensing Federal
Presented by John Grobe Retired Federal Employee and Educator And Vince Bono Founder of Federal Employee Advocates Hosted by Todd Ensing Federal Income Consulting Life Expectancy When will I be eligible
More informationAnnual Limit on Elective Deferrals
Annual Limit on Elective Deferrals Part I of this fact sheet describes the Internal Revenue Code s (IRC) annual limit on elective deferrals (tax-deferred and Roth contributions from your pay) and explains
More informationBETTER TOMORROW SAVE FOR A. Understanding how your state pension plan works. Products issued by Life Insurance Company of the Southwest T E X A
T E X A S SAVE FOR A BETTER TOMORROW Understanding how your state pension plan works Products issued by Life Insurance Company of the Southwest TC91287(0716)3 Cat No 101849(0716) DREAM ESTABLISH A CLEAR
More informationBETTER PARTICIPANT OUTCOMES
BETTER PARTICIPANT OUTCOMES through in-plan guaranteed retirement income Christine C. Marcks John J. Kalamarides President Senior Vice President Full Service Solutions Prudential Retirement Prudential
More informationHow To Encourage Employees To Save For Retirement
How To Encourage Employees To Save For Retirement Plan Sponsors Can Increase 401(k) Participation By: Shortening or eliminating waiting periods for new employees and enrolling them during orientation Providing
More informationIT S TIME TO RISE TO THE RETIREMENT INCOME CHALLENGE
Article one in a Mercer and Stanford Center on Longevity series IT S TIME TO RISE TO THE RETIREMENT INCOME CHALLENGE Authors: Steve Vernon, FSA, Research Scholar, Stanford Center on Longevity Shams Talib,
More informationRETIREMENT GUIDE. Wise Options For Retirement
RETIREMENT GUIDE Wise Options For Retirement Table of Contents Retirement Phases and Income Needs 3 Retirement Planning Considerations 4 How Much Will You Need To Save? 5 How Long Will Your Savings Last?
More informationAugust 07, Re: Regulation Identifier Number RIN 1210 AB20. To Whom It May Concern:
August 07, 2013 Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N 5655, U.S. Department of Labor 200 Constitution Avenue N.W. Washington, DC 20210 Attention:
More informationEnroll today. Enjoy tomorrow. University System of Georgia Benefits 403(b) and 457(b) Retirement Plans SAVING : INVESTING : PLANNING
Enroll today. Enjoy tomorrow. University System of Georgia Benefits 403(b) and 457(b) Retirement Plans SAVING : INVESTING : PLANNING 2 It s your future. Make it the one you envision. As an employee of
More informationTESTIMONY. James A. Wolf. President, TIAA-CREF Retirement Services. before the. President s Commission to Strengthen Social Security
TESTIMONY of James A. Wolf President, TIAA-CREF Retirement Services before the President s Commission to Strengthen Social Security The Honorable Daniel Patrick Moynihan and Richard Parsons, Co-Chairs
More informationYear End Recent Developments and Other Statutory and Regulatory Guidance Potentially Impacting Qualified Plans for 2015
Year End Recent Developments and Other Statutory and Regulatory Guidance Potentially Impacting Qualified Plans for 2015 Background This document summarizes certain recent developments that may require
More informationPart Two: The Details
Table of ConTenTs INTRODUCTION...1 Part One: The Basics CHAPTER 1 The Money for LIFE Five-Step System...11 CHAPTER 2 Three Ways to Generate Lifetime Retirement Income...21 CHAPTER 3 CHAPTER 4 CHAPTER 5
More informationYour life. Your future. Your options.
Your life. Your future. Your options. Whether by chance or by choice, you have options. Explore them with Empower Retirement. Corporate Retirement Plan Participant Brochure You want to retire someday or
More informationCivil Service Pension Reform in the United States
Civil Service Pension Reform in the United States James Petrick Chief Financial Officer Federal Retirement Thrift Investment Board James.Petrick@tsp.gov Reasons for reform Cost of system too high. Record
More informationImportant Tax Information About Payments From Your TSP Account
Important Tax Information About Payments From Your TSP Account Before you decide how to receive the money in your Thrift Savings Plan (TSP) account, you should review the important information in this
More informationFinancial Solutions, Inc.
Financial Solutions, Inc. Quarterly Newsletter January 2016 Are You at Risk of Outliving Your Retirement Income? STEVE DILLARD Hello and Happy New Year from Dillard Financial Solutions, Inc.! Over the
More informationWhat You Should Know: Required Minimum Distributions (RMDs)
Brian D. Goguen, P.C. Brian D. Goguen, CPA CFP 164 Concord Road Billerica, MA 01821 978-667-4595 bdgoguen@comcast.net www.bgoguen.com What You Should Know: Required Minimum Distributions (RMDs) Page 1
More informationPLANNING FOR RETIREMENT: THE ROLE OF 401(K)S IN RETIREMENT INCOME
July 2014 George Castineiras Senior Vice President James McInnes Senior Vice President Total Retirement Solutions Prudential Retirement PLANNING FOR RETIREMENT: THE ROLE OF 401(K)S IN RETIREMENT INCOME
More informationWhat will tomorrow bring? What is an Annuity? What are the different types of annuities?... 4
TABLE OF CONTENTS What will tomorrow bring?... 3 What is an Annuity?... 4 What are the different types of annuities?... 4 What are the advantages and disadvantages of an annuity?... 4 How do I know an
More informationLIVING IN RETIREMENT: A TIAA FINANCIAL ESSENTIALS WORKSHOP. Paying Yourself: Income options in retirement Kyle Andrews February 23, 2017
LIVING IN RETIREMENT: A TIAA FINANCIAL ESSENTIALS WORKSHOP Paying Yourself: Income options in retirement Kyle Andrews February 23, 2017 Retirement overview Retirement confidence is rebounding after recent
More informationThe Secure Annuities for Employee (SAFE) Retirement Act of 2013
The Secure Annuities for Employee (SAFE) Retirement Act of 2013 TITLE I - PUBLIC PENSION REFORM A SAFE Retirement Plan for State and Local Governments. State and local governments may adopt a SAFE Retirement
More informationFinancial Intelligence. Produced Exclusively for Members of the Senior Executives Association
Financial Intelligence Produced Exclusively for Members of the Senior Executives Association Mike Miles Founder and Principal Advisor, Variplan, LLC Certified Financial Planner Registered Investment Advisor
More informationTimely insights to improve retirement outcomes
TIAA 2018 Plan Sponsor Retirement Survey Timely insights to improve retirement outcomes A variety of concerns dampen plan sponsor confidence about their employees retirement security. Findings from the
More informationValue analysis of decumulation options for DC
Workplace Investing Product Value analysis of decumulation options for DC Elizabeth Heffernan, VP WI Product Management May 2010 Fidelity insurance products are issued by Fidelity Investments Life Insurance
More informationA T A G L A N C E. Lump-Sum Distributions at Job Change, Distributions Through 2012, by Craig Copeland, Ph.D., EBRI
November 2013 Vol. 34, No. 11 Lump-Sum Distributions at Job Change, Distributions Through 2012, p. 2 Views on the Value of Voluntary Workplace Benefits: Findings from the 2013 Health and Voluntary Workplace
More information2016 WEBINAR OFFERINGS
2016 WEBINAR OFFERINGS Table of Contents WEBINAR OFFERINGS 3 FEDERAL BENEFITS 3 CSRS Federal Retirement Benefits Part 1 of 2 3 CSRS Federal Retirement Benefits Part 2 of 2 3 FERS Federal Retirement Benefits
More informationThe Honeymoon Effect 8/13/2014. How to Create a Lifetime of Plan Sponsor and Participant Bliss
Continuing Education Credits Be sure to sign the Sign In/Sign Out sheet outside of the room when applying for Continuing Education Credits for the following certifications. (Check the appropriate certification)
More informationMile Marker CONVERSATIONS RETIREMENT ROADMAP TO. Issued by Pruco Life Insurance Company and by Pruco Life Insurance Company of New Jersey.
Mile Marker CONVERSATIONS ROADMAP TO RETIREMENT Issued by Pruco Life Insurance Company and by Pruco Life Insurance Company of New Jersey. 0287505-00003-00 Ed. 04/2017 Knowing what s down the road can help
More information