Retirement Income Committee
Committee Leadership Team:
Chair: Mark Fortier, NISA Investment Advisors, LLC
Vice Chair: Kate Jonas, TIAA Global Asset Management
Sue Walton, Capital Group Companies
Neil Lloyd, Mercer Investment Consulting
Retirement Income Committee Documents
The DCIIA Retirement Income Committee provides a forum to foster and promote research, education, and the promulgation of sound fiduciary practices related to institutional retirement income issues. The Committee was established in accordance with DCIIA’s founding charter and core beliefs. It brings together investment managers, insurance companies, consultants, record keeping and trust companies, plan sponsors, law firms, academia and others focused on improving outcomes for institutional plan participants through the application of sound retirement income policies and solutions.
The DCIIA Retirement Income Committee’s mission is to promote the delivery of lifetime income solutions to a broad segment of US workers via the following initiatives:
- Frame the industry and public retirement dialogue in outcome-based terms.
- Support efforts advocating that 401(k) statements reflect a lifetime income stream, in addition to account balance.
- Become a clearinghouse for education/communication on the full range of retirement income solutions, tailored to the needs of multiple audiences: plan sponsor, participant, consultant, and regulator.
- Encourage industry standardization and operational protocols for supporting institutional retirement and lifetime income solutions.
- Promote portability/transferability of income between record keeping platforms.
- Promote acceptance of retirement income strategies as a QDIA; encourage consideration of auto-enrollment into retirement income strategies.
- Support both guaranteed and non-guaranteed institutional lifetime income solutions.
- Clarify impact of required minimum distributions (RMD’s) on ability to offer different types of income solution, and promote equal and relevant treatment of various income solutions under the RMD rules.
- Encourage regulatory principles for retirement income options that are equivalent to other 401(k) options.
- Assist plan sponsors who choose to offer an institutional retirement income solution, either in their plan or outside of the plan, in discharging their fiduciary responsibility to periodically review their offering to ensure that it is appropriate for participants and meets the then current investment and fiduciary standards for performance and risk.
- Assist plan sponsors and their advisors in developing and agreeing to broad standards for comparing various income-related solutions.
- Foster partnerships and/or alliances with organizations and individuals who share our goals in order to leverage knowledge/resources.
- Engage in primary and secondary research activities that will broaden awareness and understanding of institutional lifetime and retirement income.