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Compliance June 27, 2013
DOL Extends Lifetime Income Comment Period
The U.S. Department of Labor (DOL) is
allowing stakeholders more time to comment on lifetime income illustrations
given to participants in defined contribution (DC) retirement plans.
Reported by Rebecca Moore
On May 7, the DOL’s Employee Benefits Security Administration (EBSA) issued an advance notice of proposed rulemaking on lifetime income illustrations for DC plan participants to provide an opportunity for stakeholders to give early input into the development of regulations (see “DOL Seeks Comments About Lifetime Income Data”). The deadline for comments was July 8.
The EBSA has extended the comment period to August 7.
Last week, nine organizations sent a letter to the agency asking for more time to comment (see “More Time Needed for Lifetime Income Comments”).