IRIC, SPARK Institute Launch Retirement Income Evaluation Tool
A new industry resource intended to provide a framework for helping retirement plan advisors, plan sponsors, consultants and fiduciaries evaluate retirement income options debuts today from the Institutional Retirement Income Council (IRIC) and the SPARK Institute.
The Defined Contribution Retirement Income Solutions Evaluation Framework aims to educate on the full range of retirement income solutions available in the DC marketplace. The Framework provides standardized, side-by-side data on retirement income products from a wide range of leading providers, helping retirement industry professionals make informed comparisons of product structures, fee models, guarantee features, liquidity options, and portability aspects.
The SECURE Act and SECURE 2.0 have significantly expanded the legal and regulatory options for plan sponsors to add retirement income choices to their DC plans. However, in a press release today, IRIC and SPARK Institute say adoption has been slow partly because plan fiduciaries, their advisors, and consultants lack a consistent, objective framework for comparing the available solutions.
“This Framework provides the industry with the common language and comparative structure it has long needed to move from awareness to action.”
IRIC’s Kevin Crain
“Retirement income has shifted from interest to adoption. This Framework provides the industry with the common language and comparative structure it has long needed to move from awareness to action,” said Kevin Crain, Executive Director of IRIC.
“SPARK’s Retirement Income Committee has been focused on developing practical tools that support the entire defined contribution ecosystem,” added Tim Rouse, Executive Director of SPARK Institute. “This Framework marks a significant step forward in helping plan sponsors fulfill their duties to participants who are nearing and entering retirement.”
This Framework provides standardized, side-by-side profiles of leading retirement income solutions available to defined contribution plans to provide a consistent framework for comparing product features, costs, guarantees, liquidity, and portability. Data is current as of April 2026, and the Framework will be updated regularly as new products launch or existing ones are revised.
The Framework was created through a joint effort between IRIC and SPARK’s Retirement Income Committee, based on direct submissions from product distributors across the retirement income sector. Participating organizations represent the main product categories available to DC plan sponsors today, including:
• Guaranteed Lifetime Withdrawal Benefit (GLWB) solutions embedded in target date funds and balanced funds
• Guaranteed Minimum Withdrawal Benefit (GMWB) products offered through collective investment trusts
• Fixed indexed annuities with GLWB riders designed for in-plan deployment
• Deferred income annuities and Qualifying Longevity Annuity Contracts (QLACs)
• Single premium immediate annuities (SPIAs) accessible at retirement
• Managed payout strategies
How it helps compare providers across key decision factors:
• Offering/Eligibility: Plan types supported, market segment, access method
• Fees: Explicit guarantee fees, investment management fees, and total costs
• Account Characteristics During Accumulation: Principal protection, equity participation, impact of contributions, liquidity rules, and benefit-base mechanics
• Income Phase: Payout rates at age 65 (single and joint), guarantee details, excess withdrawal rules, and spousal options
• Guarantee Backing & Portability: Insurer ratings, what happens if a participant leaves the plan or the recordkeeper changes, and rollover options
What the Framework covers
Each product profile in the Framework is presented in a consistent format covering:
• Offering eligibility and market segment targeting (small, mid, large, mega)
• Plan types supported (401(k), 403(b), 457, 401(a))
• Fee structure—explicit guarantee fees, investment management fees, and total cost
• Account characteristics during accumulation, including principal protection and equity market participation
• Benefit base mechanics: contributions, step-ups, high-water marks, and withdrawal treatment
• Income payout rates at age 65 for both single life and joint and survivor elections
• Liquidity and portability provisions
• Insurer financial strength ratings and guarantee backing
• Options when participants leave the plan or sponsors change recordkeepers
Accessing the Framework
The Defined Contribution Retirement Income Solutions Framework is available to industry professionals through the SPARK Institute website.
Product providers interested in submitting information for inclusion in future editions of the Framework should contact IRIC or SPARK directly.
SEE ALSO:
• Nestimate Expands TDF Platform to Nuveen Advisors
• New SPARK Guide Helps DC Plans Navigate SECURE 2.0 Roth Catch-Up Rules
• IRIC Forecasts Retirement Income Adoption, Financial Wellness Expansion for 2026
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.