New retirement products that meet clients' needs sometimes don't do well in the marketplace because it isn't clear how they fit into the applicable regulations, according to insurance company and fund executives at the Insured Retirement Institute Vision Annual Meeting in Chicago. BlackRock and MetLife came up with a combined income annuity and target date fund designed to provide lifetime income that never caught on. Plan sponsors were worried because the Labor Department hadn't established a safe harbor for lifetime income. "What we learned from that is that the product has to work in today's regulatory environment," said Chip Castille, head of defined contribution at BlackRock.

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