We’ve heard it before. Annuities within workplace retirement plans are poised for explosive growth. This is due in large part to doors being opened by friendly provisions within the SECURE Act and SECURE 2.0, and ramped-up demand from a wave of “Peak 65” 401(k) participants looking to turn a part of their account balance into a guaranteed stream of lifetime income.

But the long road to winning over plan sponsors and participants has been an uphill one filled with hazards that have kept most players on the sidelines to date.

With a lot of hard work and lessons learned, components for a successful annuities-within-401(k)s game plan now appear to be in place. Will 2024 finally be the year in-plan annuities turn the corner and win over the workplace retirement plan market?

“We are portable on two national recordkeepers and will be live on two more, adding two of the largest recordkeepers in the country,” said Scott Colangelo, chairman and managing partner of Prime Capital Investment Advisors.