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EBSA Unified Agenda - [Prerule Stage] |
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RIN: 1210-AB33 |
Publication ID: Fall 2009 |
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Title: ĪLifetime Income Options for Participants and Beneficiaries in Retirement Plans |
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Abstract: This initiative will explore what steps, if any, that the Department could or should take, by regulation or otherwise, to enhance the retirement security of American workers by facilitating access to and use of lifetime income or income arrangements designed to provide a stream of income after retirement. |
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Agency: Department of Labor(DOL) |
Priority: Other Significant |
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RIN Status: First time published in the Unified Agenda |
Agenda Stage of Rulemaking: Prerule Stage |
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Major: Undetermined |
Unfunded Mandates: Undetermined |
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CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) |
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Legal Authority: 29 USC 1135; ERISA sec 505 |
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Legal Deadline:
None |
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Statement of Need: With a continuing trend away from defined benefit plans to defined contribution plans, employees are not only increasingly responsible for the adequacy of their retirement savings, but also for ensuring that their savings last throughout their retirement. Employees may benefit from access to and use of lifetime income or other arrangements that will reduce the risk of running out of funds during the retirement years. However, both access to and use of such arrangements in defined contribution plans is limited. The Department, taking into consideration recommendations of the ERISA Advisory Council and others, intends to explore what steps, if any, it could or should take, by regulation or otherwise, to enhance the retirement security of workers by increasing access to and use of such arrangements. |
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Summary of the Legal Basis: Section 505 of ERISA provides that the Secretary may prescribe such regulations as she finds necessary and appropriate to carry out the provisions of title I of the Act. |
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Alternatives: Alternatives will be considered following a determination of the scope and nature of the regulatory guidance needed by the public. |
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Anticipated Costs and Benefits: Preliminary estimates of the anticipated costs and benefits will be developed, as appropriate, following a determination regarding the alternatives to be considered. |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined |
Government Levels Affected: Undetermined |
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Federalism: Undetermined |
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Included in the Regulatory Plan: Yes |
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RIN Data Printed in the FR: No |
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Agency Contact: |
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