As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined benefit plans (in which decisions regarding investment of plan assets are primarily made by professional asset managers) to defined contribution/individual account plans such as 401(k) plans (in which decisions regarding investment of plan assets are often made by plan participants themselves).”1
Or, in the drama-infused words of Senator Bernie Sanders, “traditional pension plans have become an endangered species, on their way to extinction.”2 Continue Reading Lifetime Income Products in CITs on the Rise