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ARTICLE · 07 JUNE 2024

Is Your DC Plan Retirement Ready?

Groom Law Group, Chartered
Groom Law Group, Chartered
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Participating in Defined Contribution ("DC") plans such as 401(k), 457, and 403(b) plans is the primary way most people save for retirement, so it is important for DC plans to be designed...

United StatesEmployment and HR
Michael Kreps
Michael Kreps
Chelsea Pardes
Chelsea Pardes
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Executive Summary

  • Participating in Defined Contribution ("DC") plans such as 401(k), 457, and 403(b) plans is the primary way most people save for retirement, so it is important for DC plans to be designed with a focus on participant outcomes. A well-designed plan can provide participants with an effective means of not only accumulating assets but also generating income in retirement.
  • Incorporating lifetime income options into a DC plan can help fiduciaries improve participant outcomes. Fiduciaries have access to more lifetime income options than ever before, and they have the ability to design lifetime income programs that both achieve the desired outcomes for participants and mitigate fiduciary risk.

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