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Pension and Employee Benefits: Code, ERISA, & Regulations
This series provides an authoritative and comprehensive reference to the full text of benefits-related provisions of the Internal Revenue Code, the full text of ERISA, and related proposed and final regulations, as well as the official IRS and DOL preambles, and Committee Reports.
The use of annuities as an investment alternative within 401(k) plans will gain momentum as those approaching retirement seek to create guaranteed retirement income streams, according to a report by the Financial Research Corporation (FRC).
Conceding that a barrier to more widespread acceptance of annuities within 401(k) plans has been a negative perception of annuities, Luis Fleites, vice-president and director of marketing for FRC, advocates improved communication that explains to participants that they would be purchasing an income option for retirement. He notes that certain annuity providers are proactively working to make retirement income part of asset allocation strategies, and have created model portfolios which integrate both variable and fixed annuities. While this effort is not confined to defined contribution plans, the FRC anticipates that such efforts will help boost the appeal of these products within defined contribution plans. FRC expects that a gradual acceptance of in-plan annuity options will give rise to the emergence of guaranteed retirement income as an asset class.
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