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  • LIMRA Survey: Most Retiring Employees Elect To Leave Retirement Assets in DC Plan

    December 9, 2011 by Warren S. Hersch

    By Warren S. Hersch

    December 8, 2011

    Of the
    possible rollover actions to take upon employment termination, leaving money in
    an employer’s defined contribution plan is the most common choice among recent
    retirees and pre-retirees, according to a new survey.

    LIMRA, Windsor, Conn., published this finding in a summary
    of results from a survey, “Keys to Success in the Rollover Market,” that polled
    1,177 respondents, ages 55-70, who have who have at least $10,000 in their DC
    plan accounts. The report aims to understand the factors (including participant
    and provider characteristics) that determine whether individuals will choose to
    keep their DC plan money with the plan provider.

    Compared
    to LIMRA’s previous rollover study, the proportion staying in the plan has
    increased, possibly due to the 2008-2009 market crash and uncertain economic
    conditions leading some individuals to defer taking action, the survey surveys.
    A greater tendency to leave money in the plan implies that more assets will be
    available to providers deploying in-plan retention strategies

    The
    survey adds that retained out-of-plan (rolled to retail) individuals are
    significantly more likely than others to have had existing IRA accounts,
    investment products, or brokerage accounts with the plan provider. In contrast,
    those retained in-plan are no more likely than those who were not retained to
    have had other products and services with the plan provider. However, this money
    could be at risk, the survey finds.

    When a
    participant decides to stay with their current plan provider (either through a
    retail or institutional relationship), retention exceeds 60%, the survey says.
    Among retirees and pre-retirees, only 9% were retained out of the plan, and 28%
    were retained in the plan and committed. Another 26% left the money in the plan
    but were at risk of moving money out.

    Retirees
    and pre-retirees who have contributed to their DC plans for 20 years or more
    are significantly more likely than others to leave the money in the plan and
    remain committed to doing so, the survey says.

    Originally Posted at LifeHealthPro on December 8, 2011 by Warren S. Hersch.

    Categories: Industry Articles
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