Over the last month, Traci’s guests have been talking about hybrid #retirement plans as a possible solution for distressed multiemployer funds facing insolvency. To help kick off the conversation, Traci’s first 2 guests were Dan Doonan, the Executive Director of the National Institute on Retirement Security, and Elizabeth Wiley, a consulting actuary at #Cheiron. Together, they wrote a white paper, “The Hybrid Handbook,” outlining various #hybid retirement structures in the public sector. #podcast

While hybrid plans are NOT a magic bullet solution for all troubled multiemployer plans, they can be one of the tools at our disposal to save #pensionfunds in the absence of any real pension reform.

Tune in and listen to “UFCW Local 21 and the Saga of the Variable Annuity Plan.” Faye Guenther, the president of #UFCW Local 21, tells an amazing story of solidarity and #union pride that brought members, trustees, employers, and participants together to make a positive change for the sake of everyone’s retirement:

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LEARN MORE ABOUT: Retirement Annuities

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SOUND CLIP: The Saga of the Variable Annuity Plan Continues…

Variable annuity plans have been a topic of much debate and controversy in recent times. These financial products, which offer individuals a steady income stream in retirement, have faced criticism for their complex nature and high fees. A recent development in this ongoing saga is the introduction of a new type of variable annuity plan that aims to address some of these concerns.

In a sound clip released by a leading financial advisory company, the speaker discusses the benefits and potential drawbacks of the new variable annuity plan. The plan promises more transparency and lower fees compared to traditional variable annuity products. The sound clip features testimonials of individuals who have already enrolled in the plan, describing it as a game-changer for their retirement savings.

One of the main advantages highlighted in the sound clip is the plan’s unique investment strategy. Unlike traditional variable annuities that offer limited investment options, this plan allows participants to choose from a wide range of investments, including stocks, bonds, and mutual funds. This flexibility gives individuals greater control over their retirement savings and the opportunity to tailor their portfolio to meet their specific goals and risk tolerance.

Another key feature discussed in the sound clip is the plan’s fee structure. High fees have long been a concern with variable annuity plans, often eating into the overall returns and leaving individuals with less in retirement. However, this new plan claims to have significantly lower fees compared to industry averages, potentially allowing participants to keep more of their investment gains.

Despite the positive outlook presented in the sound clip, some critics remain skeptical. They argue that variable annuity plans, regardless of their improvements, can still be a complex and risky investment option for the average person. These plans often come with surrender charges and strict withdrawal rules, making them less liquid compared to other retirement savings instruments.

Furthermore, variable annuity plans are often better suited for individuals with a higher risk tolerance and a longer investment horizon. The sound clip addresses this concern by emphasizing the importance of understanding one’s own risk appetite and seeking professional advice before enrolling in the plan.

In conclusion, the saga of the variable annuity plan continues with the introduction of a new product aiming to provide individuals with more transparency and lower fees. While the sound clip highlights the potential benefits of this plan, careful consideration and understanding of the complexities involved are still essential. As with any financial decision, individuals should evaluate their own retirement goals and consult with experts before committing to a variable annuity plan or any other investment option.