GAO Reports
On April 3, 2013, GAO released a report: “Labor and IRS Could Improve the Rollover Process for Participants”. The report focuses on 401(k) plan participants separating from their employers and the decision process of what to do with their plan savings. A copy of the report can be found here and highlights here.
On January 9, 2013, GAO released a report: “Retirement Security: Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States”. The report focuses on two products, variable annuities with lifetime withdrawal benefits and contingent deferred annuities, that are being used as potential solutions for the lifetime income crisis. A copy of the report can be found here.
NAIC Recommendation on Regulation of Contingent Deferred Annuities
On February 22, 2012, a working Subgroup of the NAIC recommended that contingent deferred annuities be regulated as life insurance products and that both CDAs and variable annuity GLWB riders be evaluated to determine appropriate solvency and consumer protections. To view related materials, click here.
Treasury Proposals
On February 2, 2012, the Treasury Department released a package of proposed regulations and IRS revenue rulings intended to facilitate the use of lifetime income products in connection with employer retirement plans and IRAs. To view this package and related materials, please click here.
DOL 408(b)(2) Final Rule
On February 2, 2012, the U.S. Department of Labor’s Employee Benefits Security Administration issued a final rule that will provide employers sponsoring pension and 401(k) plans with information about the administrative and investment costs associated with providing such plans to their workers. To view this package and related materials, please click here.