Compliance August 26, 2010

Lifetime Income Hearing Agenda Unveiled

August 26, 2010 (PLANSPONSOR.com) - The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) has released the agenda for the upcoming joint hearing with the Department of the Treasury on lifetime income options for retirement plans.   

 

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The agenda is spread out over two days, beginning at 9:00 a.m. (EST) on September 14 and running through 3:45 p.m. the following day, with 15 panels of varying lengths, apparently depending on the number of panellists (2-4 panelists).  The hearing was announced earlier this month (see DoL and Treasury to Hold Hearing on Lifetime Income Options).        

The requests to testify (indicating what the firms/individuals have asked to address) are available on EBSA’s website at http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html.  The hearing agenda is available at http://www.dol.gov/ebsa/pdf/1210-AB33hearingagenda.pdf.  

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The hearing was designed to hear testimony regarding: 

  • 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 hearing will be held in the Labor Department’s main auditorium, 200 Constitution Ave., N.W. in Washington, D.C., and a live webcast of the hearing will be available on EBSA’s website at http://www.dol.gov/ebsa.   

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