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Srinivas Reddy, vice president of Institutional Income for Prudential Retirement, testified Thursday before the Employee Retirement Income Security Act Advisory Council on Employee Welfare and Pension Benefit Plans about the need to include lifetime income products in defined contribution plans.
"Today, very few individuals reaching retirement age are being afforded the opportunity to consider a guaranteed lifetime income option as part of their retirement plan," said Reddy. "Even fewer of those individuals are in a position to manage investment and longevity risks in retirement. Lifetime income products, and more specifically guaranteed lifetime income products, provide a means by which all workers can enjoy both certainty and security during their retirement years. The inclusion of these products in DC plans is a timely and critical issue that must be addressed in order to produce better retirement outcomes for American workers."
Want more information? Read the transcript of Srinivas' testimony. Want to talk to Srinivas? Conatct Dawn Kelly.
¹ Pew Research 12/2010
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