DCIIA is pleased to see the
DCIIA applauds the
While DCIIA enthusiastically supports the commitment of both the Departments of Treasury and Labor in encouraging more robust and broad based adoption of lifetime income solutions in US retirement plans, there is still more work to do. There is a real need for innovation in the development of new products and solutions to manage longevity risk.
Plan sponsors can take steps to provide innovative lifetime income solutions to their participants based on this regulatory guidance.
DCIIA is committed to continue its work with and support of Treasury and Labor to identify and remove areas of regulatory uncertainty that are inhibiting greater adoption of lifetime income solutions and innovation. Additional regulatory guidance in this arena makes it both easier and simpler to implement these solutions in qualified plans. Such guidance can take many different forms, such as through interpretive guidance or information letters supporting different approaches or examples without necessarily needing to rely on simplistic safe harbors that can have the unintended consequences of inhibiting innovation by creating fear that other potentially better approaches may be inherently "un-safe" from a fiduciary perspective. A regulatory approach that includes a combination of thoughtful safe harbors and flexible examples can go a long way in driving home continued regulatory support for plan sponsor innovation.
Finally, DCIIA calls on the defined contribution community – sponsors, consultants, ERISA counsel, recordkeepers, investment managers, providers and insurance companies – to embrace the message behind these new regulations and to move toward more widespread adoption of additional tools for participants to use in managing the spending and distribution phase of their retirement. A few years ago, DCIIA partnered with the
Read the full story at http://www.prweb.com/releases/2014/07/prweb12025323.htm
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