IRIC's comment letter is in response to the DOL’s advance notice of proposed rulemaking focusing on lifetime income illustrations given to participants in DC plans including 401(k) plans. IRIC is recommending that lifetime income illustrations and projections be mandated as part of pension benefits statements that plan sponsors distribute to their defined contribution (DC) plan participants. This three-page letter includes several recommendations that support showing DC plan participants what their retirement income and savings will look like when they retire.
IRIC has been sharing a unique viewpoint with Washington regulators and legislators...view
IRIC testified on September 15th at the joint DOL/Treasury Dept hearing on lifetime income options for retirement plan participants...view
To watch Marty Schmidt's panel testimony, click here.
The 2009 ERISA Advisory Council examined approaches to retirement security and reported to the Department of Labor (read report). Among the recommendations were:
The RFI is soliciting public comments to determine what steps to take to enhance retirement security for workers in employer-sponsored retirement plans through lifetime annuities or other arrangements that provide a stream of income after retiring. A copy of the RFI can be found here... view
What is guiding IRIC's response to the DOL RFI? Listen to an exerpt from Martha Tejera, from the March 16, 2010
Dr. Jeffrey Brown
A white paper outlining the rationale for encouraging automatic annuitization as the default distribution option, what a program might look like, and steps policymakers could take to encourage it... view
This bill introduced in the Senate (by Bingaman Isakson and Kohl) which, if enacted, would require that plan sponsors provide participants with the amount of monthly income that an annuity would buy for the participant at retirement... view