T. Rowe Price introduces plan tool for retirement income

The goal is to help plan sponsors assess the possibilities more strategically

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.”

[More: Getting annuities onto 401(k) plan menus]

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.

[More: In-plan income is key to retirement security]

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