Maintaining a competitive environment is critical to the continuing development of new lifetime income solutions for employer-sponsored retirement plans, the SPARK Institute said in a joint letter to the Department of Labor and the Department of Treasury.

"We urge the Agencies to maintain a competitive environment where a diverse mix of solutions is available, with plan sponsors and participants retaining the discretion to voluntarily adopt the options that best suit their needs,” said Larry Goldbrum, the SPARK Institute's general counsel.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.