In the third quarter of 2019, Americans held $8.5 trillion in defined contribution (DC) retirement plans. Of that, $5.9 trillion was held in 401(k) plans, $1.1 trillion in 403(b) plans, and $342 billion in 457 plans. These are the three largest types of qualified DC plans in the United States, representing over 24% of U.S. retirement assets. All have been explicitly modified by the recently enacted Setting Every Community Up for Retirement Enhancement (SECURE) Act. Offering annuities in retirement plans may now be more attractive for consumers, plan sponsors, and annuity writers. This article looks at key changes and opportunities.
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SECURE Act 2019: A world of opportunities for annuity carriers
Annuities in retirement plans such as the 401(k) may have become more attractive to consumers, plan sponsors, and annuity writers after passage of the SECURE Act.