Press Release

IRIC and SPARK Institute Launch Industry Evaluation Framework for Retirement Income Solutions

Issued by SPARK Institute

Apr. 22, 2026

New Industry Resource Gives Plan Sponsors, Advisors, and Consultants a Framework for Evaluating Retirement Income Options

Simsbury, CT - — The Institutional Retirement Income Council (IRIC) and the SPARK Institute announced the launch of the Defined Contribution Retirement Income Solutions Evaluation Framework. This industry-leading resource aims to educate plan sponsors, retirement plan advisors, consultants, and fiduciaries about the full range of retirement income solutions available in the defined contribution marketplace.

The Framework provides standardized, side-by-side data on retirement income products from a wide range of leading providers, helping retirement industry professionals make informed comparisons of product structures, fee models, guarantee features, liquidity options, and portability aspects.

Why This Resource Matters Now

The SECURE Act and SECURE 2.0 have significantly expanded the legal and regulatory options for plan sponsors to add retirement income choices to their defined contribution plans. However, adoption has been slow partly because plan fiduciaries, their advisors, and consultants lack a consistent, objective framework for comparing the available solutions.

“Retirement income has shifted from interest to adoption,” said Kevin Crain, Executive Director of IRIC. “This Framework provides the industry with the common language and comparative structure it has long needed to move from awareness to action.”

“SPARK’s Retirement Income Committee has been focused on developing practical tools that support the entire defined contribution ecosystem,” added Tim Rouse, Executive Director of SPARK Institute. “This Framework marks a significant step forward in helping plan sponsors fulfill their duties to participants who are nearing and entering retirement.”

How To Use This Framework

This Framework provides standardized, side-by-side profiles of leading retirement income solutions available to defined contribution plans. It was developed jointly by the Institutional Retirement Income Council (IRIC) and the SPARK Institute to give plan sponsors, advisors, consultants, and fiduciaries a consistent framework for comparing product features, costs, guarantees, liquidity, and portability.

How the Profiles Are Organized. Every product follows the same structure, so you can easily compare providers across key decision factors:

• Offering / Eligibility – Plan types supported, market segment, access method
• Fees – Explicit guarantee fees, investment management fees, and total costs
• Account Characteristics During Accumulation – Principal protection, equity participation, impact of contributions, liquidity rules, and benefit-base mechanics
• Income Phase – Payout rates at age 65 (single and joint), guarantee details, excess withdrawal rules, and spousal options
• Guarantee Backing & Portability – Insurer ratings, what happens if a participant leaves the plan or the recordkeeper changes, and rollover options

How to Use This Resource

1. Identify the features most important to your plan (e.g., lowest cost, strongest principal protection, highest liquidity, or simplest portability).
2. Compare profiles side-by-side using the consistent headings.
3. Use the “Typical Annual Income Payout Rate at Age 65” as an illustrative benchmark only. The actual rates are subject to current market conditions and may change.
4. Review the insurer’s financial strength ratings and portability provisions, as these are critical fiduciary considerations.

About the Evaluation Framework

The Framework was created through a joint effort between IRIC and SPARK’s Retirement Income Committee, based on direct submissions from product distributors across the retirement income sector. Participating organizations represent the main product categories available to DC plan sponsors today, including:

• Guaranteed Lifetime Withdrawal Benefit (GLWB) solutions embedded in target date funds and balanced funds
• Guaranteed Minimum Withdrawal Benefit (GMWB) products offered through collective investment trusts
• Fixed indexed annuities with GLWB riders designed for in-plan deployment
• Deferred income annuities and Qualifying Longevity Annuity Contracts (QLACs)
• Single premium immediate annuities (SPIAs) accessible at retirement
• Managed payout strategies

What the Framework Covers

Each product profile in the Framework is presented in a consistent format covering:

• Offering eligibility and market segment targeting (small, mid, large, mega)
• Plan types supported (401(k), 403(b), 457, 401(a))
• Fee structure — explicit guarantee fees, investment management fees, and total cost
• Account characteristics during accumulation, including principal protection and equity market participation
• Benefit base mechanics: contributions, step-ups, high-water marks, and withdrawal treatment
• Income payout rates at age 65 for both single life and joint and survivor elections
• Liquidity and portability provisions
• Insurer financial strength ratings and guarantee backing
• Options when participants leave the plan or sponsors change recordkeepers

Framework Scope

• Data is current as of April 2026.
• This is a living document and will be updated regularly as new products launch or existing ones are revised.
• This Framework is for informational and comparative purposes only. It is not investment, fiduciary, or legal advice. Plan sponsors and fiduciaries should consult their own advisors and conduct appropriate due diligence.

Accessing the Framework

The Defined Contribution Retirement Income Solutions Framework is available to industry professionals through the SPARK Institute website.

Product providers interested in submitting information for inclusion in future editions of the Framework should contact IRIC or SPARK directly.

About IRIC

The Institutional Retirement Income Council (IRIC) is a membership organization dedicated to increasing knowledge, awareness, and adoption of retirement income solutions within the defined contribution industry. IRIC connects asset managers, insurance companies, recordkeepers, advisors, consultants, and other stakeholders to develop research, education, and best practices that help Americans secure income in retirement.

About the SPARK Institute

The SPARK Institute advocates for the interests of retirement plan service providers, including recordkeepers, administrators, and investment managers. The Institute promotes sound public policy, operational efficiency, and innovation in the retirement marketplace, and brings together specialized committees — including its Retirement Income Committee — to develop industry solutions that benefit plan sponsors and their participants.

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