This article accompanies Rescuing Retirement.
This paper from the Institutional Retirement Income Council is designed to focus the benefits community -- including plan sponsors and participants -- on the impact of longevity on the accumulation and withdrawal of retirement savings.
The likelihood of later retirement ages of workers presents some practical issues for employers and policy issues for the government and the retirement-product industry.
The authors are Fred Reish, a member of the IRIC and a partner, specializing in employee benefits, at the law firm of Drinker Biddle & Reath; Bruce Ashton, a partner at Drinker Biddle & Reath, also specializing in employee benefits; and Pat Byrnes, an actuary and founder of Actuarial Consultants, who has 35 years of experience in the pension industry.
The mission of the membership-based Institutional Retirement Income Council is to share best practices, inform about legislative and regulatory issues, and facilitate solutions for plan sponsors and their participants.