In the wake of the significant drop in the equities market that occurred over the last several months, the IRS and the DOL are requesting comments and the views of practitioners and sponsors on the use of annuities in defined contribution plans.
Document Excerpt
The Department of Labor and the Department of the Treasury (the ‘ Agencies’’) are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employersponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this request for information is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service roviders, and members of the financial community, as well as the general public, on this important issue.
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