March 17, 2010, Cover Stories, Company/Trade Group News, 401(k)/IRA
The Empire Strikes Back
Lest they be drowned out by 401(k) critics, major DC plan providers have formed a new trade group, the DCIIA, chaired by PIMCO's Stacy Schaus. The group supports target-date collective trusts, deemed IRAs and lifetime income options.
Big insurers and investment firms like MetLife, New York Life, Goldman Sachs, PIMCO, AllianceBernstein and others have chipped in $15,000 each to belong to the DCIIA. Consulting firms like Hewitt, Mercer and Ibbotson have paid $3,500 a piece. Plan sponsors can join for only $1,000. The group has about 40 members so far. It will hold its first policy forum May 11 in Washington, D.C.
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