Products August 5, 2010

RISE Offers Financial Education Tool and Video to Advisers

The Retirement Income Solutions Enterprise (RISE) is offering a free interactive financial education tool and video to financial advisers.  

 

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The financial education PDF tool, which can be e-mailed, includes an introductory video and quiz designed to put consumers at ease, and allow them to identify areas where they can use the help of an adviser. According to a press release, the quiz does not provide investment advice or guidance and is product neutral, but it encourages consumers to contact the adviser to discuss the results.  

RISE said advisers who have incorporated a strategy of periodically conducting “financial education only” activities, separate from any product or service promotion, confirm an increase in both referrals and qualified prospecting leads.   

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The financial education quiz and video prospecting and client retention tools are available at www.theriseenterprise.com/salessolutions.
Compliance August 5, 2010

DoL and Treasury to Hold Hearing on Lifetime Income Options

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.
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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. 

 

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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.

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