As the Senior Retirement Strategist, Glenn Dial is responsible for overseeing the firm’s strategic planning for the US-defined contribution (DC) channel, which is responsible for Investment Strategies, Thought Leadership, and Tools to help develop customized solutions for retirement plan intermediaries and their clients.

In this episode, Eric and Glenn Dialdiscuss:

• The balance between guarantees and flexibility 
• What most plan sponsors prefer regarding “guarantees,” and “retirement income options.”
• Establishing and documenting an income replacement goal 
• The growing trend with retirement plans 

Key Takeaways:

• Greater guarantees can mean less flexibility, while greater flexibility often means lower guarantees - finding the right balance is crucial.
• Most plan sponsors who opt for a default retirement income options prefer defaulting all participant account balances into a guaranteed income option, with the ability for participants to change it if desired.
• Setting and documenting an income replacement rate goal (e.g., 50%) for 401(k) plans is essential for selecting appropriate retirement income products and solutions.  
• Retirement plans are shifting from supplemental savings to primary income sources, necessitating fiduciary protection, technological advancements, and significant changes expected in 2025.

“Your mandate is to do what's in the best interest of your participants, and document while you're doing that, and that documentation, as long as in the best interest, is your defense. That is your defense.” - Glenn Dial

Connect with Glenn Dial:

LinkedIn: https://www.linkedin.com/in/glenndial/ 

Email: [email protected] 

Connect with Eric Dyson: 

Website: https://90northllc.com/

Phone: 940-248-4800

Email: [email protected] 

LinkedIn: https://www.linkedin.com/in/401kguy/ 

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.