IRIC Supports Retirement Enhancement and Savings Act of 2018

Washington, DC, April 16, 2018 – Saying the legislation will greatly enhance the retirement security of millions of Americans, the Institutional Retirement Income Council (IRIC), a non-profit think tank for the institutional retirement industry, has embraced the Retirement Enhancement and Savings Act of 2018 (RESA) introduced in the Senate last month. view

IRIC’s Letter in Support of the Retirement Enhancement and Savings Act of 2018

IRIC wrote to Senators Orrin G. Hatch and Ron Wyden to support adoption of the Retirement Enhancement and Savings Act of 2018…view

IRIC's Letter in Support of Retirement Income Disclosure

IRIC wrote to Senator Chris Murphy to support adoption of S. 868, Lifetime Income Disclosure Act...view

IRIC's Comment Letter to DOL on ANPRM

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 Update Volume 1, No. 1

IRIC has been sharing a unique viewpoint with Washington regulators and legislators...view

IRIC testified at the joint DOL/Treasury Hearing

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.

2009 ERISA Advisory Council

The 2009 ERISA Advisory Council examined approaches to retirement security and reported to the Department of Labor (read report). Among the recommendations were:

  • The DOL should support the creation of a Presidential Commission to define a National Retirement Policy and develop new structures for lifetime retirement income.
  • The DOL should take leadership in developing workers who are financial illiterate by facilitating, coordinating and collaborating other government agencies, the private sector, and academia.
  • The DOL should amend Interpretive Bulletin 96-1 (concerning the definition of investment education) to expand its scope to the decumulation phase of retirement planning.
IRIC has Responded to Lifetime Income RFI

IRIC has responded to the joint DOL/Treasury Request For Information (RFI) regarding lifetime income options for retirement plan participants.  View the full response or view the Executive Summary

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

Automatic Lifetime Income as a path to Retirement Income Security

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

The New Pension Law and Defined Benefit Plans: A Surprisingly Good Match

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

The New Pension Law and Defined Benefit Plans: A Surprisingly Good Match

Much of the commentary on the new pension reform law suggests that it will be deleterious to defined benefit plans. We describe the economic policy background... view

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