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Secretary of Labor Thomas E. Perez

DOL/EBSA

RIN: 1210-AB33

Publication ID: Fall 2010

Title: Lifetime Income Options for Participants and Beneficiaries in Retirement Plans

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.

Agency: Department of Labor(DOL)

Priority: Other Significant

RIN Status: Previously published in the Unified Agenda

Agenda Stage of Rulemaking: Prerule Stage

Major: No

Unfunded Mandates: No

CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.)

Legal Authority: 29 USC 1135; ERISA sec 505

Legal Deadline: None

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.

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.

Alternatives: Alternatives will be considered following a determination of the scope and nature of the regulatory guidance needed by the public.

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.

Timetable:

Action

Date

FR Cite

RFI

02/02/2010

75 FR 5253

RFI Comment Period End

05/03/2010

 

Public Hearing Notice

08/10/2010

75 FR 48367

Public Hearing

09/14/2010

 

Review Public Record

04/00/2011

 

Regulatory Flexibility Analysis Required: Undetermined

Government Levels Affected: Undetermined

Federalism: No

Included in the Regulatory Plan: Yes

RIN Data Printed in the FR: No

Agency Contact:
Jeffrey J. Turner
Chief, Division of Regulations, Office of Regulations and Interpretations
Department of Labor
Employee Benefits Security Administration
N 5669, 200 Constitution Avenue NW., FP Building, Room N-5655,
Washington, DC 20210
Phone:202 693-8500