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DOL/EBSA

RIN: 1210-AB33

Publication ID: Spring 2011

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 other arrangements designed to provide a stream of income after retirement. The Department has established a public record as a result of the actions mentioned below (RFI and Public Hearing). The record supports further Departmental consideration or action in a number of areas including pension benefit statements, participant education and fiduciary guidance. While the Department is treating this RIN, 1210-AB33, as being completed for purposes of the Semiannual Regulatory Agenda, its completion is not a determination on whether further action, regulatory or otherwise, is needed to facilitate access to and use of lifetime income or other 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: Completed Actions
Major: No	Unfunded Mandates: No
CFR Citation: None (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
Merged With 1210-AB20	04/18/2011

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 Director, 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 Email: turner.jeffery@dol.gov