DOL and Treasury Request Information on Lifetime Income Options for Retirement Plan Participants

more+
less-

On February 2, 2010, the Department of Labor (DOL) and the Treasury Department jointly published a request for information (RFI) regarding lifetime income options in retirement plans and individual retirement accounts. The purpose of the RFI, which was issued pursuant to the regulatory agendas of both departments, is to solicit views, suggestions and comments from the public – including plan sponsors, service providers and financial intermediaries – regarding whether, and, if so, how, DOL and Treasury “could or should enhance retirement security of qualified plan participants and IRA owners by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement.”

The Administration continues to express a strong interest in this topic. On January 25, the Administration’s Middle Class Task Force issued a factsheet, as a preview of its full report (expected this month), that includes as one of four elements for strengthening 401(k) plans a system for "promoting the availability of annuities and other forms of guaranteed lifetime income.” The Administration’s “Green Book” FY2011 budget proposal, issued on February 1, similarly notes that “[w]orkplace retirement savings arrangements … could be used as a platform to provide and promote retirement distributions over the worker’s lifetime.”

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, Finance & Banking Updates, Labor & Employment Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Sutherland Asbill & Brennan LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »