401(k) Guaranteed Income Innovation Underway

November 15, 2023

HARTFORD, CT – November 15, 2023 – Until recently, 401(k) plans have largely focused on plan member asset accumulation, but with the increasing numbers of retiring baby boomers, the demand for solutions that manage the assets accumulated over four decades and provide a guaranteed income, is rapidly growing.  This demand is giving rise to guaranteed income products that benefit both the plan members and insurance companies.

Products that generate guaranteed income for retirees while also providing the ability to manage assets,” said Manu Mazumdar a Vice President and Lead Retirement Industry Analyst at Conning’s Insurance Research group.  “Plan sponsors and the retirement industry are beginning to develop new guaranteed retirement income solutions.  Are there current trends that could indicate where that development might head?  Our analysis suggests there are.”

“We’ve been tracking the growing demand for guaranteed income since 2011.  This year we’ve focused on analyzing the tremendous growth opportunity for annuity insurers over the next few years,” said Scott Hawkins, Managing Director and Head of Insurance Research at Conning.  “However, before that growth can materialize, there needs to be significant innovation across the 401(k)-value chain.  Those innovations will involve product providers, recordkeepers, integrators, advisors, sponsors, and members.”

This focus report explores what is required to provide in-plan guaranteed income solutions and highlights examples of firms already moving forward with their innovations.  This report identifies and analyzes:

  • non-guaranteed retirement income products and trends

  • guaranteed retirement income products and trends

Annuity 401(k) Guaranteed Income Products: Innovation at Work” is available for purchase from Conning by calling (888) 707-1177 or by visiting here.



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Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.

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Insurance Research Team