The Retirement Income Consortium has launched—with the “shared goal of supporting greater access for workers to retirement income solutions”—and the American Retirement Association is a member.
The Consortium, launched by Broadridge Financial Solutions, is focused on helping acceleration of the adoption of guaranteed income solutions in retirement plans. In addition to the American Retirement Association—which joined as part of its initiative to create a curriculum for a new retirement income certificate program—current consortium members include AllianceBernstein, Allianz, BlackRock, Income America, Nationwide, Principal Financial Group®, Prudential Financial and TIAA-Nuveen.
Passage of the SECURE Act and continued focus on the importance of retirement security as a national conversation have underscored the need for concerted and coordinated action on the issue of retirement preparedness. Broadridge launched the Consortium “to create a due diligence framework for retirement income solution evaluation and as a forum to work with retirement income solution providers and others to better educate advisors and plan sponsors,” according to a May 4 press release.
“The development of a standard is critical for retirement income solutions to get implemented within plans,” said John Faustino, head of Broadridge's fiduciary education and technology business. “Investors want plan sponsors to give them the option of retirement income but there is a tremendous demand for education and support to connect the dots and make that happen.”
In the coming months, the Consortium will:
- Present a free educational webinar series covering the essentials of in-plan retirement income, starting with “Retirement Income: Why Now?” Registration is free and continuing education credits are available. Registration and replays will be available through the Consortium website.
- Develop a vetted due diligence framework for retirement income solution selection and monitoring.
More information is available at https://www.Broadridge.com/lifetime-income-consortium.