Why offer retirement income solutions?

In-plan options can benefit both you and your employees.

Worries about retirement savings lead to employee stress and delayed retirements.

Worries about retirement savings lead to employee stress and delayed retirements.

Source: PwC, Employee Financial Wellness Survey, April 2017.

What can you do to help? Over the past five years, guaranteed retirement income solutions have become increasingly popular.
 

Chart of plans offering in-plan guaranteed products

   

Chart of participants in plans offering in-plan guarantees

   

Chart of assets in plans offering in-plan guarantees

Source: LIMRA PUBLICATIONS, Guaranteed Income Investment Options in DC Plans, 2017.

Retirement income solutions can help participants by providing a guaranteed income stream in their later years. But it doesn’t just benefit them. What’s in it for you?

Reduced employer costs

It costs employers an extra $10,000 - $50,000 each year an employee delays retirement.

  • Source: Society of Actuaries, Calculating ROI: Measuring the Benefits of Workplace Financial Wellness, 2017.

  • Increased employee productivity

  • Among employees with financial stress:
Increased employee productivity

  • Source: PwC, Employee Financial Wellness Survey, April 2017.

More engaged younger employees

More engaged younger employees

Source: GALLUP, Millennials Want Jobs to Be Development Opportunities, June 30, 2016. 
Source: Defined Contribution Institutional Investment Association, A Financial Wellness Primer, July  2017.

 

Help employees retire on time. Lower your costs. Boost productivity and engagement. Is it time to consider in-plan guaranteed retirement income solutions for your plan?