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Vendors tell Board of Regents task force phased retirement can aid retention but needs guardrails
Summary
TIAA, Voya and CoreBridge told the Board of Regents task force that phased-retirement programs and lifetime-income options can help retain faculty, but members cautioned about system differences, eligibility, benefit treatment and operational guardrails.
TIAA, Voya and CoreBridge presented research and plan-design options to a Board of Regents task force considering phased retirement and changes to the optional retirement plan. The vendors emphasized portability, lifetime-income options and participant education as tools to improve retirement readiness and recruitment.
Karen Locke, managing director for government relations at TIAA, said the absence of Social Security for many Louisiana educators makes higher savings rates more important. "What you're currently making, you want to be able to be at 70 to 80%" of pre-retirement income, Locke said, noting that without Social Security participants…
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