Trust Updates Archive
(September 13, 2010 --Chicago, IL) -- The U.S. Department of Labor's Employee Benefits Security Administration (DOL) and the U.S. Treasury on September 14 will webcast their joint hearings on lifetime income options.
For a list of witnesses and copies of prepared testimony go to http://www.dol.gov/ebsa/.
The need for industry feedback is “particularly important given the shift from defined benefit plans to 401(k) and other defined contribution plans that typically distribute retirement savings in a lump sum payment,” said Phyllis C. Borzi, DOL assistant secretary for the Employee Benefits Security Administration.
Topics to be addressed include:
* certain specific participant concerns affecting the choice of lifetime income relative to other options;
* information to help participants make choices on the management and spend down of retirement benefits;
* disclosure of account balances as monthly income streams;
* the fiduciary safe harbor for selection of lifetime income issuers or products; and
* alternative designs of in-plan and distribution lifetime income options.
WHAT: Joint regulatory hearing on Lifetime Income Options for retirement plans
WHEN: September 14, 2010, 9 am
WHERE: Webcast at http://www.dol.gov/ebsa/ or 200 Constitution Ave., N.W. in Washington, D.C.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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