Description: summary of Canadian topics from recent Retirement Section Council meeting. Update on defined contribution initiative and potential US legislation. Highlight recent SOA research on retirement income.

Description: There is no silver bullet to improving retirement income outcomes for retirees. However, a combination of changes can be of significant value in addressing this overlooked issue. Although QLACs on the surface have potential value, they are not nearly as efficient as they could be. So far, employer plans have provided limited options for retirement income solutions. IRAs may not cost effectively serve the best interest of retirees. Employer plans should be encouraged to become retirement income providers and alternative approaches should be considered. The current prohibition on allowing plans to modify benefit payouts based on mortality experience should be reconsidered to allow for innovative plan income designs. Improvements to the deaccumulation stage of the retiree nest egg are challenging yet necessary.

Description: A discussion of where insurance companies and their products fit in the retirement asset market and trends over the past few decades. Some historical data on the insurance companies' share of retirement assets is included.

Description: The traditional defined-benefit (DB) plan is a type of plan structured to provide the greatest degree of retirement income security, designed to pay out a guaranteed retirement income for the life of the retiree (and, when applicable, a beneficiary). However, over the last several decades, the number of private-sector employees covered under these traditional plans has decreased dramatically and been replaced by defined contribution (DC) plans. In contrast, public-sector retirement plans, which are exempt from ERISA, have seen a much smaller decline in DB plans. There are many differences in the private and public sector that likely contributed to this phenomenon, but ERISA and the many amendments to it has been a major factor.

Description: Review of paper describing Collective Defined Contribution Plans. the elimination of traditional pensions by many companies have left employees without easy access to reliable retirement income Collective Defined Contribution plans which are used to a small extent in the US but more broadly used elsewhere offer an option for consideration.

Description: This article addresses challenges that arise later on in retirement years related to support systems, physical needs, and living arrangements. It highlights the "Late-in-Life Decisions Guide" published by the Society of Actuaries in 2022.

Description: This article provides a basic introduction to the taxation of qualified annuities held in qualified retirement plans and IRAs. The article has been updated for the SECURE Act and the SECURE 2.0 Act. The article describes the basic types of employer-based plans, provides of overview of the taxation of contributions and benefits when annuities are held in connection with plans and IRAs, explains the required minimum distribution rules, and offers a brief introduction to recent legislation impacting qualified annuities.