T. Rowe Price introduces plan tool for retirement income

T. Rowe Price introduces plan tool for retirement income
The goal is to help plan sponsors assess the possibilities more strategically
JUN 02, 2021

T. Rowe Price has developed a new tool to help plan sponsors assess retirement income solutions for participants.

“The retirement income pursuit is a complex issue for plan sponsors and participants, and our objective is to help with progress.” Lorie Latham, senior defined contribution strategist at the company, said in a release. “To date, the retirement industry has tended to lead with launching retirement income products and with an aim to 'sell' into plans. We hope to see a pivot toward greater emphasis on the fundamental needs of retirees and plan objectives.”

T. Rowe Price research found that 94% of defined-contribution plan consultants agreed that a suite of income solutions is preferred to a single retirement income offering.

However, DC consultants also report that only 13% of their plan sponsor clients currently provide, or are planning to provide, such an array.

T. Rowe Price's new tool aims to bridge the gap by offering plan sponsors a strategic and informed evaluation process, the company said.

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