Broadridge launches effort to create retirement income solutions in plans

Retirement Income Consortium members include major investment, plan managers.

Broadridge Financial Solutions has launched the Retirement Income Consortium, an industrywide effort to support greater worker access to retirement income solutions. Broadridge launched the consortium to create a due diligence framework for retirement income solution evaluation and as a forum to work with retirement income solution providers and others to better educate advisers and plan sponsors, it said in a release.

Consortium members include AllianceBernstein, Allianz, BlackRock, Income America, Nationwide, Principal Financial Group, Prudential Financial and TIAA-Nuveen. The American Retirement Association has joined the consortium as part of its initiative to create a curriculum for a new retirement income certificate program. Other firms are encouraged to join, Broadridge said.

“The development of a standard is critical for retirement income solutions to get implemented within plans,” said John Faustino, head of Broadridge’s fiduciary education and technology business. “Investors want plan sponsors to give them the option of retirement income but there is a tremendous demand for education and support to connect the dots and make that happen.”