LIFETIME INCOME OPTIONS Marcia S. Wagner, Esq.. 2 Retirement Security and Annuitization Obama Administration believes lifetime income options facilitate.

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Presentation transcript:

LIFETIME INCOME OPTIONS Marcia S. Wagner, Esq.

2 Retirement Security and Annuitization Obama Administration believes lifetime income options facilitate retirement security. ◦ Initiative to reduce barriers to annuitization of 401(k) plan assets. ◦ DOL / IRS issued a joint release with requests for information on Feb 2, ◦ RFI addresses education, disclosure, tax rules, selection of annuity providers, 404(c) and QDIAs. The Retirement Security Project ◦ Released 2 white papers on DC plan annuitization. ◦ Proposed use of annuities as default investment.

3 Other Recent Developments in DC Plan Annuitization Two types of legislative proposals. ◦ Encourage annuitization with tax breaks: Lifetime Pension Annuity for You Act, Retirement Security for Life Act. ◦ Annual disclosure of what 401(k) plan balance would be worth as annuity: Lifetime Income Disclosure Act.

4 Lifetime Income Hearing by Senate Special Committee on Aging Senate hearing held on June 16, ◦ The Retirement Challenge: Making Savings Last a Lifetime. ◦ Start of legislative debate on lifetime income options. DOL and Treasury provide early analysis on RFI concerning lifetime income options. ◦ More than 800 responses to RFI. ◦ Concerns expressed against government takeover of 401(k) plans. ◦ DOL and Senator Kohl clarify that there is no interest in mandating lifetime income options.

5 Joint Hearing by DOL, IRS and Treasury in September 2010 Purpose is to investigate 5 focused topics. 2 areas of general policy-related interest. ◦ Specific concerns raised by participants. ◦ Alternative designs of in-plan and distribution lifetime income options. 3 areas of specific interest. ◦ Fostering “education” to help participants make informed retirement income decisions. ◦ Disclosure of account balances as monthly income streams. ◦ Modifying fiduciary safe harbor for selection of issuer or product.

6 LIFETIME INCOME OPTIONS Marcia S. Wagner, Esq. 99 Summer Street, 13 th Floor Boston, MA Tel: (617) Fax: (617) Website: A