ERISA Advisory Council Explores Annuity Default Options in DC Plans

A person is holding a red umbrella over a pink piggy bank, symbolizing financial protection or saving money.

At an ERISA Advisory Council hearing for the Dept. of Labor, experts recommended including annuities in defined contribution plans to hedge against longevity risk. Olivia S. Mitchell, a Wharton School professor, supported a default annuity structure that begins payments later in life to simplify financial decisions for older participants.Read More