Broadcast Retirement Network’s Jeffrey Snyder and Kutak Rock’s John Schembari discuss the importance of selecting and monitoring retirement income products. Employers are urged to help employees spend their 401k balances wisely as reliance on these accounts increases. The complexity of retirement income products poses challenges for fiduciaries in finding the right solutions.

John Schembari emphasizes the need for employers to act in the best interest of their participants when managing retirement plans. Fiduciary duties remain constant, whether managing traditional investments or retirement income solutions. Employers must carefully evaluate the financial solvency, fees, and liquidity of these products to ensure they meet their employees’ needs.

Jeffrey Snyder and John Schembari explore the process of reviewing retirement income products within a 401k plan. Fiduciaries may need to seek expertise outside their current consultants to evaluate these specialized products effectively. The ongoing review and due diligence of new retirement income products added to a plan may necessitate amendments to the investment policy statement to ensure proper evaluation and monitoring.

Read more at Yahoo Finance: Creating a Process to Review Retirement Income Products for Your Retirement Plan