Los Angeles partner Fred Reish was quoted in PLANSPONSOR in an article titled, “Retirement Distributions and Lifetime Income.”

The article notes Fred’s message to attendees of the American Society of Pension Professionals & Actuaries (ASPPA) Annual Conference that individuals need some idea of how they will withdraw money from their savings in order to know how much they need to accumulate.

While there are several methods of planning for withdrawing assets in retirement so that it will—or at least should—last for their lifetimes, most participants are not adequately equipped to make these types of decisions.

Accordingly, he said, offering an in-plan retirement income solution is a best practice for employers. He added that participants are benefited by these in-plan solutions because they are considerably less expensive than if they are purchased outside the plan.

As with any investment selection for their retirement plans, Fred pointed out that plan sponsors must use a prudent process to select the right in-plan solution and suggested plan sponsors offer retirement education for employees age 50 and older and education regarding retirement income products and services.

To read the entire article, click here.