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Fiduciary News recently featured insights from Of Counsel Michelle Capezza examining how 401(k) plans are evolving amid a broader shift toward corporate paternalism in retirement planning. The piece discusses how employers are increasingly embedding lifetime income and guided-saving features to help workers achieve retirement readiness as traditional pensions decline.
"Automatic enrollment requirements for defined contribution plans have evolved in the law mainly in an effort to close retirement savings gaps and to ensure that workers are saving at least a minimum percentage of their compensation for retirement," Michelle says. "For plan participants that are accustomed to investing in target-date funds, the lifetime income distribution features of these funds may be very attractive to them and easier to explain than more complex products."
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