U.S. Departments of Labor and Treasury to hold hearing on specific issues related to lifetime income options for retirement plans

Washington – The U. S. Department of Labor's Employee Benefits Security Administration (EBSA) and the Department of the Treasury today announced a joint public hearing on Sept. 14, 2010, and if necessary on Sept. 15, to hear testimony on several specific issues relating to lifetime income and other arrangements that provide a stream of income after retirement for workers in employer-sponsored retirement plans. The hearing will begin at 9:00 a.m. in the Labor Department's auditorium, 200 Constitution Ave., N.W. in Washington, D.C.

The departments received approximately 780 public comments in response to the request for information (RFI) published in the Feb. 2, 2010 Federal Register. The purpose of the hearing is to gather additional information on discrete technical issues and proposals raised in RFI submissions.

Witnesses will address issues relating to:

• certain specific participant concerns affecting the choice of lifetime income relative to other options;
• information to help participants make choices on the management and spend down of retirement benefits;
• disclosure of account balances as monthly income streams;
• the fiduciary safe harbor for selection of lifetime income issuers or products; and
• alternative designs of in-plan and distribution lifetime income options.

Written requests to testify at the hearing and topical outlines should be submitted by Aug. 16, 2010. For more information about the hearing, go to www.dol.gov/ebsa.

Persons wishing to testify at the hearing should submit a request to speak and an outline of the main points to be discussed regarding the specified issue(s) by email to e-ORI@dol.gov, or mail to the Office of Regulations and Interpretations, Employee Benefits Security Administration, 200 Constitution Ave., N.W., Washington, D.C. 20210. Although reasonable efforts will be made to accommodate requests to testify, it may be necessary to limit the number of those testifying in order to adhere to the hearing's format. To expedite entrance into the building, anyone planning to attend the hearing should provide contact information via the addresses listed above and arrive at least 15 minutes prior to the start of the hearing. Requests also may be submitted directly to the Internal Revenue Service by following the instructions available on federal e-rulemaking portal at www.regulations.gov. The hearing agenda will be available from both agencies by Aug. 26, 2010.

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format (large print, Braille, audio tape or disc) from the COAST office upon request. Please specify which news release when placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.