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DOL/EBSA RIN: 1210-AB58 Publication ID: Spring 2017 
Title: Selection of Annuity Providers--Safe Harbor for Individual Account Plans 
Abstract:

The Department in 2008 issued a regulation pursuant to section 404 of the Employee Retirement Income Security Act that establishes a safe harbor for satisfaction of fiduciary responsibilities in selecting an annuity provider and contract for benefit distributions from an individual account retirement plan. See 29 CFR 2550.404(a)-4. More recently, the Department of Labor and the Department of the Treasury published a Request for Information Regarding Lifetime Income Options for Participants and Beneficiaries in Retirement Plans (RFI), seeking comments on what measures the Departments could take to encourage such plans to offer annuities or other arrangements that provide a lifetime stream of income after retirement. See 75 FR 5253 (February 2, 2010). Based on the RFI comments, the Department may develop proposed amendments to the annuity selection safe harbor primarily focused on the condition in the safe harbor relating to the ability of the annuity provider to make all future payments under the annuity contract.

 
Agency: Department of Labor(DOL)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Long-Term Actions 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 29 U.S.C. 1104    ERISA sec 404    29 U.S.C. 1135    ERISA sec 505   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Next Action Undetermined   To Be Determined 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Janet Walters
Senior Advisor
Department of Labor
Employee Benefits Security Administration
200 Constitution Avenue NW., FP Building, Room N-5655,
Washington, DC 20210
Phone:202 693-8500
Fax:202 219-7291