US - A pair of Mercer consultants has testified before the ERISA Advisory Council's Working Group on Spend Down of Defined Contribution (DC) Assets at Retirement.
Neil Lloyd, principal and intellectual capital leader, Mercer's global DC business, discussed lessons learnt from other countries with mature DC retirement systems, such as Australia.
Philip Suess, a Mercer worldwide partner, discussed annuity options being developed aimed at providing benefits in a stream of payments rather than in a single lump sum.
Barbara Marder, leader of Mercer's global DC business, provided written testimony to the Senate Committee on Aging, which convened a hearing yesterday to examine how 401(k) and other DC plan sponsors could encourage participants to build their retirement savings.
Mercer consultant Troy Saharic testified on Tuesday before another ERISA Advisory Council working group on the challenges and risks associated with target date funds, which have grown in popularity as an investment option in DC plans.
The ERISA Advisory Council advises the Secretary of Labor and makes recommendations regarding the Secretary's functions under ERISA, the federal law that governs most pension and other benefit plans.
The Working Group on Spend Down of DC Assets at Retirement studies benefit distribution issues related to the proliferation of DC plans, from which benefits are typically paid in a single lump sum.
The working group met yesterday as it studies ways that plan sponsors can enhance participants' ability to manage retirement assets after employment.
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