"Plan sponsors can use their bargaining power, scale, ability to standardize, and distribution efficiency to improve the retirement security of plan participants by offering their retiring plan participants a limited selection of retirement income generators (RIGs) that take advantage of institutional pricing rather than retail pricing.... This article examines three RIGs that can be offered in employer-sponsored DC plans: systematic withdrawals, immediate annuities, and guaranteed lifetime withdrawal benefits (GLWB, which are also known as guaranteed minimum withdrawal benefits, or GMWB).... [The authors] compare how each RIG performs assuming institutional pricing typically available within a DC plan relative to retail pricing typically available outside a DC plan."

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