The latest Summit Group Newsletter featured an article addressing the latest products aimed at solving Americans’ retirement readiness problem. Retirement Income Solutions (RIS) are products that attempt to avoid retirees depleting their life savings before they reach their end of life. Known as Guaranteed Minimum Withdrawal Benefits (GMWB), the latest products help generate income after retirement by incorporating a guaranteed minimum withdrawal amount for the retiree’s lifetime along with equity investments within the employee’s retirement plan. Although not currently offered by many retirement plans, GMWBs are generating interest from the press and government regulators concerned with Americans’ retirement readiness.
Have you considered offering products such as Guaranteed Minimum Withdrawal Benefits to your Plan participants?