New Broadridge Consortium to Push for Annuities in Retirement Plans

The passage of the Setting Every Community Up for Retirement Enhancement (Secure) Act "underscored the need for concerted and coordinated action on the issue of retirement preparedness," the company stated.

The law, enacted in 2019, paved the way for broader use of annuities in retirement plans.

"The development of a standard is critical for retirement income solutions to get implemented within plans," said John Faustino, head of Broadridge's fiduciary education and technology business, in a statement. "Investors want a plan to give them the option of retirement income but there is a tremendous demand for education and support to connect the dots and make that happen."

Two steps the new consortium will take initially are:

• Provide free educational webinars covering the essentials of in-plan retirement income. These will come with continuing education credits.
• Develop a vetted due diligence framework for retirement income solutions selection and monitoring.

Other firms are welcome to join the consortium as well, Broadridge stated.