ERISA section 3(38) allows defined contribution plan sponsors to hire a registered investment manager and transfer investment-related liability to the investment manager for the oversight of plan investments.
For more than a decade, the LifeSpan® program has used a sophisticated administrative platform that provides consultants and plan sponsors the ability to develop customized asset allocation models for participants, such as target date and target risk portfolios, utilizing the investment options from the plan's existing lineup. The open architecture platform is available for plans in
"Many plan sponsors have an increased desire for investment portfolio solutions that help them meet their fiduciary obligations while also helping participants with retirement readiness," said
Under this program, plan sponsors or their consultants may choose from an array of model portfolios designed to accommodate varying participant investment objectives, including:
- Target date models
- Target risk models
- Retirement income models for investors closer to retirement
- Combination target risk and date models offering participants a choice of conservative, moderate or aggressive glidepaths based on their years to retirement and risk preference.
The LifeSpan® models may be offered as a Qualified Default Investment Alternative (QDIA) and are also available to ERISA and non-ERISA plans.
"Plan sponsors and consultants recognize that every participant base is unique, regardless of plan size. Pension benefits, demographic makeup, and participant knowledge of investing can affect what investment offerings are most appropriate," said
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