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When defined contribution sponsors contemplate lifetime income solutions, their actions — or more likely, inactions — resemble the ERISA version of the film “Groundhog Day.”

Year after year, most sponsors lament the lack of a federal legislative and/or regulatory safe harbor to protect them against fiduciary risk in offering in-plan solutions such as annuities. They fret that such in-plan retirement income products are too expensive, too complicated and too lacking in portability.

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