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Deferred comp committee adopts Retirement Income Builder to offer lifetime-income option
Summary
San Joaquin County Deferred Compensation Advisory Committee voted 5-0 Feb. 27 to add Nationwide's Retirement Income Builder series to the 457 plan after a product presentation by Nationwide staff and questions from committee members.
San Joaquin County's Deferred Compensation Advisory Committee on Feb. 27 approved adding Nationwide's Retirement Income Builder series to the county 457 plan, voting 5-0 to make the option available to participants after standard fund-change processing.
The vote follows a presentation from Nationwide product specialists who described Retirement Income Builder as a set of target-date funds that locks in a participant's quarterly "high watermark" between ages 47 and 65 and then offers a lifetime payout percentage of that captured amount once income is elected at age 65. Nationwide representatives said participants may keep full liquidity and beneficiary control of the remaining account balance even after income begins.
The committee's decision matters for employees approaching retirement who want a built-in option to generate a predictable income stream while keeping assets inside the…
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