In part 2 of 2 Michelle lays out her proposal for revamping the web of state and federals rules and laws to make in-plan annuities a vibrant market in the future.

We create audio and video content for professionals who share a passion for advancing the retirement industry. Approximately 80% of our audience are top advisors or independent agents who help consumers plan for retirement. Approximately 10% work at carriers in product management, distribution, and compliance. Industry influencers account for approximately 10%. We want to help every independent agent be successful in explaining the benefits of annuities. And there are many. They can protect retirement nest eggs from market downturns. They can generate predictable income in retirement. They can even offer several benefits in case of serious illnesses. However, the products can be very complicated. And discussing tough topics about retirement lifestyle can be tricky. At the same time, we work in a highly regulated industry. We frequently sell our products to seniors. And the laws seem to change all the time. How do we effectively build our practice and remain compliant with all rules? This information is provided by Nassau for educational purposes only. It is not individualized to address any specific financial objective and is not intended as investment, legal or financial advice. Any links or references to third-party information or websites is for informational purposes only. Nassau has no control over such third-party information or websites, is not responsible for their availability or accuracy, and does not endorse and is not responsible or liable for any content, advertising, products, or other materials on or available from them. Your access to or use of such sites or resources is at your sole risk….(read more)

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In Episode 173 of the Retirement Revealed podcast, the hosts were joined by Michelle Richter and Mark Chamberlain to discuss making in-plan annuities a reality. They discussed the challenges and opportunities surrounding the integration of these annuities into employer-sponsored retirement plans.

An in-plan annuity is a type of retirement income product that is offered within a retirement plan. It provides a guaranteed stream of income for retirees, which can serve as a source of security and peace of mind in retirement. In-plan annuities can be beneficial to both plan participants and plan sponsors alike, as they can help to reduce the risks associated with managing retirement income.

However, despite the potential benefits, in-plan annuities have not been widely adopted by retirement plans. This is due in part to the regulatory and administrative challenges associated with integrating these products into plans. In addition, there is a lack of consumer awareness and understanding about the benefits and risks of annuities.

During the podcast, Richter and Chamberlain discussed the role of plan sponsors in driving adoption of in-plan annuities. They emphasized the need for sponsors to educate plan participants about the benefits and risks of these products, as well as to provide access to high-quality, low-cost annuities.

They also discussed the recent regulatory changes that have made it easier for plan sponsors to offer in-plan annuities. The SECURE Act, which was signed into law in 2019, includes provisions that provide a safe harbor for plan sponsors who offer these products, as well as additional disclosures and fiduciary protections for annuity providers.

Overall, Richter and Chamberlain expressed optimism about the future of in-plan annuities. They noted that as more plan sponsors become aware of the benefits of these products and regulatory changes continue to be made, adoption will likely continue to grow. By providing retirees with a guaranteed source of income, in-plan annuities can help to alleviate some of the financial stress and uncertainty associated with retirement, and can make retirement planning more accessible and secure for all Americans.