Break from the Grind November 6, 2020

FRIDAY FUN – November 6, 2020

And now it's time for some FRIDAY FUN!

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Unsafe Corolla cargo, lessons in speaking Boston, Siri just doesn’t understand, and more.

In Rabbit Hash, Kentucky, the community has a new mayor. Wilbur, a French bulldog, claimed 13,143 out of 22,985 votes in a new record, Huffington Post reports. He will be replacing Mayor Brynneth Pawltro, a pit bull who has served since 2017. The first mayor of Rabbit Hash was Goofy Borneman, a dog born of “unknown parentage” who entered office in 1998 when Boone County held a bicentennial celebration and a mayoral race for Rabbit Hash started. The community’s mayor position has been held by canines ever since.

In Clayton, Wisconsin, a state trooper pulled over a driver for unsafe cargo on the roof of his car. He pulled the driver over after noticing a snowmobile strapped sideways on top of a Toyota Corolla. The driver told the trooper he had just bought the snowmobile and was driving it over to a friend’s house to show him, the Star Tribune reported. “I know it looks sketchy, but we had it strapped down and shook it,” he said. The driver was issued a warning about the hauling technique and cited for not wearing a seat belt.



How to speak Boston, taught by Matt Damon. If you can’t view the below video, try https://youtu.be/IXSjCJvN5Zc.


The kid just wants to hear some Bruno Mars—PLEASE! If you can’t view the below video, try https://youtu.be/hYWoH8Vth4k.

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Administration November 5, 2020

Offering the Benefit of Guaranteed Income in DC Plans

Lifetime income projections, offering more control over assets and education about annuity pricing will help participants be more receptive to in-plan annuities.

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The SPARK [Society of Professional Asset Managers and Recordkeepers] Institute led a discussion on the potential rise in in-plan annuity products following the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act.

The panel explored how professionals are addressing guaranteed lifetime income product adoption in defined contribution (DC) plans, integration, scalability and customer experience with participants who may be reluctant about in-plan annuity options. Doug McIntosh, vice president of investments at Prudential Retirement, said the SECURE Act’s provision to remove the 59.5 age barrier for service withdrawals is a relief to sponsors and participants alike.

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McIntosh said Prudential noted that most participants valued control over their assets, especially during the COVID-19 pandemic when access to emergency savings is critical. “We came to market with a vehicle that offers a living benefit; participants still have control of underlying assets but derive lifetime income for participants and spouses,” he said. 

Sherrie Grabot, founder and chief executive officer at GuidedChoice, said participants are more likely to show interest in in-plan options if they see potential income projections. When such projections are offered, Grabot said she has noticed a change in behavior among participants, including when GuidedChoice rolled out a product in 2011 that allowed participants to see their projected retirement income numbers. “You have to show the income coming out of the defined contribution [DC] plans,” she encouraged. “It increases savings rates when they see that income level.”

On the subject of retirement income, Mike Westhoven, product leader at Micruity, explained the cost of retirement and misperceptions when it comes to annuity fees. An affordable retirement has become synonymous with annuity fees, he said, and annuities have long been regarded as pricey. However, Westhoven said, if a participant refuses an annuity, the future retiree will end up needing to save thousands more to afford the same retirement as one with an annuity. He encourages employers and advisers to ensure their participants and clients understand the misperception. Those who refuse an in-plan annuity option could potentially benefit from one.

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