When employers design retirement plans nowadays, they might want to keep in mind that employees sometimes have different goals for their accounts that may not include a lifetime income stream at retirement.
A study by the National Association of Government Defined Contribution Administrators Inc. points out that many plan participants might have other retirement accounts in place and view their employer-sponsored plan as something they can use to enhance their lifestyle in retirement or pass on to their heirs after they pass away. Others, meanwhile, have balances too small to use as a meaningful long-term income source so would view their accounts as a special resource for an emergency or major purchase.
The bottom line is that a "one-size-fits-all" approach isn't typically best.
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