"In 2016, the University of California (UC) began offering new hires a choice ... [between] a defined benefit pension plan or a defined contribution plan.... [A] growing portion of the employee population is covered by the DC retirement plan.... [UC] wanted to make sure that guaranteed income was available for all participants to consider.... This solution is built for the long term [for] future generations of retirees who have chosen the defined contribution benefit and who don't have access to guaranteed income through the pension."  MORE >>