Retirement Income Consortium Launches to Address Retirement Security Challenges

Rhea-AI Summary

Broadridge Financial Solutions (NYSE: BR) has launched the Retirement Income Consortium to promote guaranteed income solutions in retirement plans. This initiative aims to enhance access to retirement income options for workers, driven by the SECURE Act and growing discussions on retirement preparedness. The Consortium includes major firms like BlackRock and Prudential, focusing on creating a due diligence framework and educational resources. Upcoming activities include a free webinar series and a new retirement income certificate program, furthering the mission of financial security for Americans.

Positive

• Launch of the Retirement Income Consortium enhances access to retirement income solutions.
• Collaboration with major financial firms like BlackRock and Prudential increases credibility.
• Free educational resources and webinars aim to improve retirement preparedness.

Negative

• None.

Consortium initiating retirement income evaluation framework, education and certification  

NEW YORK, May 4, 2022 /PRNewswire/ -- To help accelerate adoption of guaranteed income solutions in retirement plans, global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), has officially launched an initiative to bring together comprehensive expertise in the retirement space in support of the effort to make financial security a reality for all Americans.

The Retirement Income Consortium (Consortium) has officially launched with the shared goal of supporting greater access for workers to retirement income solutions. The passage of the SECURE Act and continued focus on the importance of retirement security as a national conversation have underscored the need for concerted and coordinated action on the issue of retirement preparedness. Broadridge is dedicated to fiduciary excellence through leveraging technology and promoting education. It launched the Consortium to create a due diligence framework for retirement income solution evaluation and as a forum to work with retirement income solution providers and others to better educate advisors and plan sponsors.

"The development of a standard is critical for retirement income solutions to get implemented within plans," said John Faustino, Head of Broadridge's fiduciary education and technology business. "Investors want plan sponsors to give them the option of retirement income but there is a tremendous demand for education and support to connect the dots and make that happen."

Consortium members include AllianceBernstein, Allianz, BlackRock, Income America, Nationwide, Principal Financial Group^®, Prudential Financial and TIAA-Nuveen. The American Retirement Association has also joined the Consortium as part of its initiative to create a curriculum for a new retirement income certificate program. Broadridge welcomes discussions with additional firms interested in exploring signing on as members. 

In the coming months, the Consortium will:

• Present a free educational webinar series covering the essentials of in-plan retirement income, starting with "Retirement Income: Why Now?" Registration is free and continuing education credits are available. Registration and replays will be available through the Consortium website.
• Develop a vetted due diligence framework for retirement income solution selection and monitoring.

To hear about the plans for 2022 and beyond, join a 30-minute webinar on May 19, 2022 at 1 pm Eastern, titled "Introducing the Retirement Income Consortium." Registration is free and open to the public. Register for the webinar here.

You may also visit Broadridge.com/lifetime-income-consortium to learn more about its mission, upcoming events, and more.

About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 13,000 associates in 21 countries. For more information about us, please visit broadridge.com.

Media Contacts:
Matthew Luongo
Prosek Partners
+1 646-818-9279
mluongo@prosek.com

John Faustino, AIFA®, PPC®
Head of Broadridge Fi360 Solutions 
+1 708-769-0218
John.Faustino@broadridge.com

View original content:https://www.prnewswire.com/news-releases/retirement-income-consortium-launches-to-address-retirement-security-challenges-301539393.html

SOURCE Broadridge Financial Solutions, Inc.

FAQ

What is the Retirement Income Consortium launched by Broadridge?

The Retirement Income Consortium is an initiative by Broadridge to support greater access to guaranteed income solutions in retirement plans, formed with various financial firms.

Which companies are involved in the Retirement Income Consortium?

Members include AllianceBernstein, Allianz, BlackRock, Income America, Nationwide, Principal Financial Group, Prudential Financial, and TIAA-Nuveen.

What educational resources are offered by the Retirement Income Consortium?

The Consortium offers a free webinar series on in-plan retirement income and is developing a retirement income certificate program.

When is the webinar titled 'Introducing the Retirement Income Consortium'?

The webinar is scheduled for May 19, 2022, at 1 PM Eastern Time.

How does Broadridge plan to support retirement income solutions?

Broadridge aims to create a due diligence framework for evaluating and monitoring retirement income solutions and provide educational support to advisors and plan sponsors.