When it comes to workplace retirement plans, not all 401(k)s are created equal—some offer better retirement savings options than others.
And some of those plans are getting recognized. What makes a 401(k) plan better than another? Here’s a look at some of the advancements that advisors say are setting the gold standard in 401(k) plan design.
One big challenge, according to Robert Massa, a managing director at Prime Capital Retirement, is the need for employers to establish a process for evaluating in-plan annuity products. Adoption of in-plan annuity options has also been slow, according to Massa, due to high costs and participant preferences for lump-sum distributions.
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