Partner William Charyk Comments on Analysis of How to Fulfill Fiduciary Responsibilities When Considering Lifetime Income Solutions for Retirement Plans
In July, the Institutional Retirement Income Council (IRIC) announced that the perceived “fiduciary concerns” for adding lifetime income solutions to qualified retirement plans may not be as challenging for sponsors as previously feared. The IRIC, a non-profit think tank for the retirement income planning community, has sponsored an analysis that will help plan sponsors to fulfill their fiduciary responsibilities when pursuing their efforts to provide plan participants with a steady stream of retirement income.
Partner William R. Charyk, who serves as president of the IRIC, said in a press release that, “Despite workers’ growing desire for guaranteed retirement income, especially in light of the continuing shift from traditional pension plans to defined contribution plans, many employers have been reluctant to include retirement income options such as Guaranteed Lifetime Withdrawal Benefits products (GLWBs) in their retirement plans.” Mr. Charyk surmised that a significant factor contributing to the employers’ hesitation involves concern over how to properly discharge their fiduciary duties when reviewing these products. The article that IRIC has sponsored makes an important contribution in alleviating this concern.
To read the IRIC press release, click here.