Three million participants had access to an in-plan income guarantee through their employee-sponsored retirement plan in 2014, a 32 percent increase from 2013, according to a new study from the LIMRA Secure Retirement Institute.
In addition, the research finds there was a 24 percent increase in the number of participants electing an in-plan guarantee, reaching 71,300 in 2014.
In 2014, the number of retirement plans offering in-plan guarantees grew 41 percent to 33,500. More than $132 billion in assets are in plans that offer an in-plan guarantee, up 27 percent compared with 2013.
Prior LIMRA Secure Retirement Institute research reveals that consumers are most concern about having enough money to last throughout their retirement. Eight in 10 U.S. workers believe that employers should provide ways to convert savings into retirement income according to Institute research.
Younger workers are particularly interested in this option: 90 percent of workers ages 18 to 34 say they “somewhat” or “strongly” agree that employers should provide avenues to convert savings into income at retirement.