Groom principal and chair of the Retirement Services practice, Michael Kreps, was quoted by VettaFi Advisor Perspectives in the article, “Recent Progress Boosts Lifetime Income Latitude.” The article discusses lifetime income solutions within defined contribution plans as a way to help participants achieve income security as market uncertainty continues and lifespans increase – and, in particular, it addresses “two concerns: fiduciary and flexibility.”
In reviewing strides in regulatory support for lifetime income, the article recognizes understandable fiduciary concerns and suggests possible ways to mitigate those concerns. Kreps commented, “It’s understandable that fiduciaries are concerned about litigation risk, but it’s important that we not let fear paralyze us. At the end of the day, fiduciaries have a duty to do what’s in the best interest of participants, and many participants would benefit from new solutions.”
To read the article, click here.
