August 05, 2010
--- The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the Department of the Treasury have announced a joint public hearing on issues relating to lifetime income options for workers in employer-sponsored retirement plans. ---
The hearing is September 14, 2010, and if necessary on September 15. According to the announcement, witnesses will address issues relating to:
certain 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.
The announcement said the departments received approximately 780 public comments in response to the request for information (RFI) published in the February 2, 2010 Federal Register (see Feds Call for Lifetime Income Product Public Comment). The purpose of the hearing is to gather additional information on technical issues and proposals raised in RFI submissions.
Those ishing to testify at the hearing should submit a request to speak and an outline of the main points to be discussed regarding the specified issue(s) by email to e-ORI@dol.gov, or mail to the Office of Regulations and Interpretations, Employee Benefits Security Administration, 200 Constitution Ave., N.W., Washington, D.C. 20210. Requests also may be submitted directly to the Internal Revenue Service by following the instructions available on federal e-rulemaking portal at http://www.regulations.gov.
Written requests to testify at the hearing and topical outlines should be submitted by August 16, 2010.
More information is at http://www.dol.gov/ebsa.