IRIC Encourages Adoption of Retirement Income Solutions

IRIC, a non-profit think tank for the institutional retirement industry, believes employees will actually welcome the introduction of retirement income products as they have with other employer-driven retirement plan initiatives, such as automatic enrollment, automatic escalation, and automatic investment solutions. The issue brief notes these employer initiatives have resulted in positive outcomes – higher participation rates, higher investment levels – and have also been met with participant acceptance.      

“We feel strongly that there is every reason to assume that a similar level of participant acceptance would be extended to retirement income products. In fact, such employer activism might actually be welcomed,” said William Charyk, a partner at Arent Fox LLP, adviser to IRIC and author of the issue brief.