Taking Steps to Expand Retirement Plan Access
Between state-run plans, PEPs and moves to enhance SIMPLE plans, different entities are tackling the same problem in different ways.
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In Voya’s latest thought leadership insight, “Hope for the Future: The Opportunity for Transformative Enhancement of Retirement Plans,” the firm says leaders in the retirement plan industry are optimistic that legislation and serious commitment on the part of employers will expand the availability of workplace retirement plans.
“Despite expected headwinds of economic challenges and societal turmoil, the panelists strongly suggest that we may see significant progress made in retirement plans by 2030,” Voya says in its report. “Survey respondents believe this progress will be supported by a combination of factors, including technological advancements, legislative initiatives and greater employer commitment. Many feel these factors will play a key role in expanding access to plans an
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Solution Aims to Address Challenges With Annuity Adoption in 401(k)s
Embedded in TDFs, an annuity product that provides lifetime income and growth and can be traded every day just like mutual funds is coming to market by the summer.
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Since Annexus announced the launch of Annexus Retirement Solutions in December, the new division has focused on re-engineering the target-date fund (TDF) structure to enable the funds to provide lifetime income as part of defined contribution (DC) plans.
In partnership with Nationwide, a new solution from Annexus will enter the market by the summer that attempts to do just that. Annexus Retirement Solutions has filed a number of patents on its solution.
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PlanMember Announces Pooled Employer Plan
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CARPINTERIA, Calif., April 13, 2021 /PRNewswire/ PlanMember Financial Corporation, an independent provider of defined contribution services and solutions, is partnering with Newport Group, Inc. ( Newport ) to offer the PlanMember Pooled Employer Plan. This modern retirement plan solution will enable unrelated plan sponsors to pool together to achieve economies of scale, lower overall plan cost, reduced fiduciary liability and outsourced plan administrative responsibilities. Plan participants will benefit from one-on-one retirement planning, innovative technology and personalized service. Newport Group will serve as the Pooled Plan Provider and PlanMember will provide 3(38) fiduciary investment services.