retirement section news

perspectives of plan sponsors and service providers on retirement payout and support options

An interview with Neil Lloyd, head of DC and financial wellness research at Mercer


The June 2019 issue of Retirement Section News is focused on retirement income and support options. Anna Rappaport, contributor of Retirement Section News, interviewed Neil Lloyd to learn about his views about plan sponsors and how they are responding to the need to help their employees manage during retirement.


Neil is responsible for research for the Defined Contribution and Financial Wellness practice of Mercer; he chairs the Retirement Income Committee of the Defined Contribution Institutional Investments Association (DCIIA); and he is the research chair for the Employee Benefits Retirement Institute. In 2018, he testified to the ERISA Advisory Council on retirement income and the employer on behalf of DCIIA.


Anna Rappaport (AR): What is your impression of how much plan sponsors are doing to encourage and provide options for the post-retirement period that provide for the regular payout of income?


Neil Lloyd (NL): Our experience is that there is a general realization that for the retirement system to be successful, retirees need assistance. Retirees see a multitude of options facing them, and it is pretty clear that retirees need help if they are going to maximize the retirement resources they have, which in many cases is less than would be ideal.


Many plan sponsors have been actively focusing on encouraging retirees to stay in the plan after retirement, and as part of that evolution, we are seeing more plan sponsors allowing partial withdrawals to be taken from the plan. . .

However, it’s important to be aware that not every plan sponsor has the same view.


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