With its recent launch of ANNUA, the team at DIETRICH was excited to host their first ANNUA educational webinar. At a time when pensions are disappearing and many employee retirement account balances are inadequate and incapable of meeting future retirement needs, lifetime income products in retirement plans are becoming a reality and more plan sponsors are offering them. DIETRICH’s new defined contribution retirement income annuity practice, ANNUA a hosted a live webinar discussing the benefits and possibilities of annuities in DC plans.
Geoff Dietrich, Executive Vice President with DIETRICH, discussed how Plan Sponsors are recognizing the fact that 401(k) plans may be inadequate to support their employees in retirement and how they are adopting retirement income solutions to meet these needs. With the support from policy makers and the Secure Act, in plan income annuity options are on the horizon for plan sponsors. Numerous publications have been discussing the benefits of these options as solid solutions for plan sponsors and employees alike. “The time is now to reframe the objective of DC plans to ensure secure retirements” says Geoff.
Jay Washington, a recent DIETRICH hire, introduced and outlined ANNUA and its features via Income Now, Income Later and Accumulation Annuities. Income Now is offered through the use of Single Premium Immediate Annuities and Guaranteed Lifetime Income Options through Dietrich Direct Quote. Income Later features Qualified Longevity Annuity Contracts and an income stream, later in life. Accumulation Annuities transform 401(k)/403(b) plans to include pension-like accruals and are backed by the safety and security of insurance companies. After the wrap up of the session, next steps for Plan Sponsors and their advisors were presented in addition to answering a variety of questions from the audience.
This live session was an introductory webinar. An in depth dive into ANNUA’s offerings will be presented this fall.