Deadline extended for P&I/DCIIA Excellence and Innovation awards
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Pensions & Investments and the Defined Contribution Institutional Investment Association have extended the registration deadline for the Excellence and Innovation awards program to June 11.
The awards, now in their 10th year, are designed to recognize DC plan executives and their employers for well-executed, creative and unusual projects that help ensure a successful retirement for participants. Entries are judged on innovation as well as excellence in execution.
There is no fee to enter.
Registrants do not have to self-select the category in which they wish to compete. A panel of industry experts will work alongside
Some people have not recovered from economic losses caused by the pandemic and need help from employers, retirement plan providers and other sources to build a financial cushion.
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Retirement Income: Key Considerations
Peg Knox, with the Defined Contribution Institutional Investment Association (DCIIA), says DC plans need to evolve to prepare participants to convert their assets into retirement income.
Reported by
Having evolved meaningfully over the past 40 years, today’s defined contribution (DC) plans now enable participants to accumulate and invest retirement assets even more easily than in the past. DC plans also most often allow participants to retain assets in-plan throughout retirement. Yet research indicates that most of them are ill-prepared to convert their assets into retirement income.
The conclusion for DC plan sponsors seeking to assist these participants is clear: The next step is to evolve plan design and investments by adding a benefit distribution focus to offerings and communications and/or by adding services to better address the needs of those near or in retirement. Plan participants have also identified this as an area of need.
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