The Impact of SECURE Act Lifetime Income Projections
February 8, 2020 by John Manganaro
Commenting on the passage seven weeks ago of the Setting Every Community Up for Retirement Enhancement (SECURE) Act, Geoffrey Dietrich, executive vice president of the eponymous retirement plan insurance firm DIETRICH, says his view on the potential effect of the legislation differs somewhat from that of other analysts.
Many retirement industry observers have opined that the SECURE Act’s in-plan annuity selection safe harbor will have the biggest impact on participants. For his part, Dietrich also says that provision is important and will likely lead to the greater adoption of in-plan lifetime income products. However, he feels the SECURE Act’s related lifetime income disclosure requirement—which will see all plan participants supplied at least once per year with an estimate of what their lump sum balance would generate if converted today into a lifetime annuity—will drive the most significant results.
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