By Mary Beth Franklin
American retirement security now ranks as a top concern of the White House, right up there with unemployment and the federal budget deficit. In a joint announcement Thursday, the Departments of Treasury and Labor unveiled two executive actions to expand the transparency of 401(k) fees and broaden the availability of retirement plan payout options to encourage the use of annuities to provide lifetime income.
[CAF Note: Yikes! Could this be a prototype for a mandatory annuitization down the road?]
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Related reading:
Council of Economic Advisers Report (PDF)
U.S. Dept of Labor News Release
Solari Report Blog Commentaries
September DOL-Treasury Hearings on Options For Retirement Plans
(16 Sep 10)