As more members of Generation X and younger Baby Boomers approach retirement age, the importance of discussing retirement income options has never been more urgent for employers with defined contribution (DC) plans. The challenge lies in determining the best strategies to help employees convert their DC plan savings into a sustainable source of income in retirement.
There’s no one-size-fits-all solution. Instead, employers should consider their plan's philosophy, employee preferences, and unique characteristics when exploring potential changes. With all this in mind, we wanted to share this report by Lazard Asset Management that explores various retirement income options for DC plan sponsors to consider, offering insights into how these options can be tailored to fit different plan scenarios.
