The U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the Department of the Treasury today announced a joint public hearing on Sept. 14, 2010, and if necessary on Sept. 15, to hear testimony on several specific issues relating to lifetime income and other arrangements that provide a stream of income after retirement for workers in employer-sponsored retirement plans. The hearing will begin at 9:00 a.m. in the Labor Department’s auditorium, 200 Constitution Ave., N.W. in Washington, D.C.
The departments received approximately 780 public comments in response to the request for information (RFI) published in the Feb. 2, 2010 Federal Register. The purpose of the hearing is to gather additional information on discrete technical issues and proposals raised in RFI submissions.
Witnesses will address issues relating to:
• certain specific 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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Department of Labor Links:
Joint Hearing on Lifetime Income Options for Retirement Plans
(14-15 Sept 10)
Hearing Agenda (PDF)
(14 Sept 10)
Request for Information/Requests To Testify
(Aug 2010)
Selections from the 779 public comments: “Keep your hands off my 401K.” – Michael Mathis (Comment #3), “This is a recipe for civil unrest.” – Thomas Volk, Walla Walla, WA (Comment #14), “Are you crazy?” Betsy S. Kramer, Georgia (Comment #492), “No, NO NOOO.” – Joanne Novarro, Rockville Centre, N.Y. (Comment #778) (See Forbes article below)
Federal Register Notice
10 Aug 10)
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