From: Asma Emneina [mailto:asma@FinancialEngines.com] 

Sent: Monday, August 16, 2010 9:21 PM 

To: EBSA, E-ORI - EBSA 

Subject: Request to testify at joint DOL / Treasury Hearing on Retirement Income Options

From: Financial Engines 

To: EBSA, Treasury 

Subject: Request to testify at joint DOL / Treasury Hearing on Retirement Income 

Options 

Financial Engines respectfully requests to testify at the joint hearing on September 14. 

Financial Engines is the largest independent Registered Investment Advisor (RIA) in 

America. We work with over 385 large employers to provide professional management 

services to 443,000 401(k) plan participants nationwide. Our 12+ years of experience 

providing advisory services to participants, coupled with our independent retirement 

research, have given us insight into the retirement help needs of 401(k) participants. 

In particular, over the past four years, the Financial Engines Retiree Research Center 

has conducted extensive research on issues related to retirement income. In June 2010, 

the Center hosted the Retirement Income Summit to highlight the latest research by 

thought leaders in investment management, behavioral finance and academia. Through 

our research, we have conducted hundreds of individual participant interviews to better 

understand their retirement income needs and preferences. As a result, we have 

developed a comprehensive understanding of what participants want in a retirement 

income solution. 

Our research has yielded some key insights regarding participant and sponsor 

preferences that we’d like to share as policy makers and the industry work together to 

enable effective lifetime income options for participants. 

We plan to address the following during our testimony: 

o The behavioral preferences and biases participants exhibit when considering 

income options 

o The different types of help participants require during retirement – one size does 

not fit all – including access to unbiased advisors to answer questions 

o The role of the automatics and defaults in making participants successful in the 

decumulation phase 

o The need for cost-effective solutions, blending asset management and insurance 

components as needed 

o How an investment management approach to retirement income can work for 

participants (with or without annuities) 

Most Americans struggle when making unaided savings and investment decisions when 

planning for retirement. The difficulties of turning retirement savings into retirement 

income are even more complex. The quality of life for Americans in retirement depends 

on effective retirement income solutions in order to get the full benefit of their defined 
contribution balances. Participants need objective, independent help to deal with these 

types of important retirement income decisions. 

Thank you for your consideration. 

Sincerely, 

Christopher Jones, Chief Investment Officer 

Jason Scott, Managing Director 

Financial Engines 

1804 Embarcadero Road 

Palo Alto, CA 94303 

Phone: 650-565-7791 

Fax: 650-565-4905 

asma@financialengines.com 

Financial Engines is a leading independent investment advisor committed to providing 

everyone the trusted retirement help they deserve. The company helps investors with 

their total retirement picture by offering personalized retirement plans for saving, 

investing and retirement income. Financial Engines offers online advice and 

professional management to meet the needs of different investors. Co-founded in 1996 

by Nobel Prize-winning economist Bill Sharpe, Financial Engines works with America’s 

leading employers and retirement plan providers to make retirement help available to 

millions of American workers. For more information, please visit 

www.financialengines.com. 

Asma Emneina

Public Relations Director

T: (650) 565-7791

M: (650) 387 2233 

F: (650) 565-4905 

Financial Engines 

1804 Embarcadero Road 

Palo Alto, CA 94303