Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Advisory committee pauses rollout of Retirement Income Builder amid fiduciary concerns
Summary
After consultants warned the product may lack durable participant guarantees and could be hard to port between recordkeepers, the San Joaquin County Deferred Compensation Advisory Committee voted unanimously to monitor the Retirement Income Builder for one year rather than proceed with implementation or broad employee outreach.
The San Joaquin County Deferred Compensation Advisory Committee voted Feb. 26 to pause broad implementation of a retirement income product known as Retirement Income Builder and directed staff and consultants to monitor the product for one year.
Tom Bridal, director of investments at the Fiduciary Consulting Group, told the committee his review of contract documents raised “fundamental concerns” about long‑term stability. He said participants are not beneficiaries of individual annuity contracts and noted the contract structure places guarantees at the trust or insurer level rather than with an individual contract that might…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
