The ERISA Advisory Council is studying Lifetime Income and Qualified Defined Investment Alternatives. Bonnie Treichel, Founding Partner at Endeavor Law, and Tom Clark, Partner and Chief Operating Officer at Wagner Law Group, were asked to testify as witnesses on July 10, 2024.
Bonnie Treichel shared with the Council that even though there has been an evolution with products, there are still barriers to implementation and adoption by both plan sponsors and participants. Treichel went on to say, “One of the complaints of traditional RIS has been complexity. Some of the solutions remain complicated, but some of the solutions are becoming more straightforward—which will continue to be an opportunity for the adoption of RIS. Some solutions are now available as part of a TDF. They are structured in a way that does not feel like the complexity has dramatically increased for the plan sponsor, nor the participant,” Treichel explained.
Click here to read Retirement Income Solutions in QDIAs: What Are the Impediments?