Target-date funds have become a staple qualified default investment alternative (QDIA) because they help participants invest appropriately without requiring them to act. But as retirement nears, income needs become more pressing and financial situations diverge—a situation dynamic defaults seek to address.

Steady income and access to remaining assets are key considerations for DC plan sponsors.

It can be a tall task to compare diverse lifetime income solutions. Applying a comprehensive framework may enable a level playing field.

Lifetime income solutions are high on the wish lists of defined contribution (DC) plan participants, with the certainty of a guaranteed lifetime income stream ranking as the top feature in our surveys over the past decade.