T. Rowe Price introduces plan tool for retirement income

T. Rowe Price has developed a new tool to help plan sponsors assess retirement income solutions for participants.

“The retirement income pursuit is a complex issue for plan sponsors and participants, and our objective is to help with progress.” Lorie Latham, senior defined contribution strategist at the company, said in a release. “To date, the retirement industry has tended to lead with launching retirement income products and with an aim to ‘sell’ into plans. We hope to see a pivot toward greater emphasis on the fundamental needs of retirees and plan objectives.”

[More: Getting annuities onto 401(k) plan menus]

T. Rowe Price research found that 94% of defined-contribution plan consultants agreed that a suite of income solutions is preferred to a single retirement income offering.

However, DC consultants also report that only 13% of their plan sponsor clients currently provide, or are planning to provide, such an array.

T. Rowe Price’s new tool aims to bridge the gap by offering plan sponsors a strategic and informed evaluation process, the company said.

[More: In-plan income is key to retirement security]

The post T. Rowe Price introduces plan tool for retirement income appeared first on InvestmentNews.

As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.

You May Also Like

Leave a Reply

Your email address will not be published. Required fields are marked *