retirement-income
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David Lau and the Expensive Middle of a Simple Promise
For three decades, David Lau has kept returning to one unfashionable question: what becomes possible when the cost of selling a financial product is taken out of the product itself?
Trevor Gary
Trevor Gary is the founder and CEO of Micruity, a retirement-income infrastructure company that connects 401(k) recordkeepers, asset managers and insurers so plans can offer annuities and pension-style lifetime income. A former pension actuary at Deloitte Canada, Gary saw firsthand how the shift from defined-benefit pensions to 401(k) plans left millions of Americans without guaranteed income in retirement. He founded Micruity in 2017-2018 to build the data conduit that makes lifetime-income products work at scale. The company has raised roughly $27 million from a roster of insurance and financial heavyweights including Prudential, TIAA, State Street, Nationwide, J.P. Morgan Asset Management and Pacific Life.