American Bar Association American Bar Association

Lifetime Income Options for Retirement Plans: Where Do We Go From Here?

SPONSORS: The Sections of Business Law; Health Law; Labor and Employment Law; Real Property, Trust and Estate Law; Taxation; Tort Trial and Insurance Practice; the American College of Employee Benefits Counsel; and The John Marshall Law School Center for Tax Law and Employee Benefits

Program Information

Untitled Document

A 90-minute TeleConference

1:00-2:30 pm ET / 12:00-1:30 pm CT / 11:00 am-12:30 pm MT / 10:00 am-11:30 am PT

Kathryn J. Kennedy
, Professor, Associate Dean of Advanced Studies and Research & Director of the Center for Tax Law and Employee Benefits, The John Marshall Law School, Chicago, IL

Kathryn L. Moore
, Laramie L. Leatherman Professor of Law, University of Kentucky College of Law, Lexington, KY
Pamela Perun, Retirement Income Policy Consultant, Washington, DC
Robert J. Toth, Jr., Principal, Law Offices of Robert J. Toth, Jr., Fort Wayne, IN

While defined contribution plans are not necessarily prohibited from offering annuities as an optional form of benefit, the majority of plans do not currently provide such options. As a way to see if regulations could be drafted to encourage employers to add such options to their DC plans, the Departments of Labor and Treasury issued a joint request for comments and recently received over 700 comments from the public. In early February, the first round of proposed regulations and revenue rulings were issued by Treasury and the IRS designed to expand the ability of plans to offer deferred annuity options, including deferred longevity annuities. This teleconference will assist all employers who sponsor defined contribution plans, and all of their benefits professionals and advisors, to understand how they can currently offer annuity distributions through their DC plans and how any government regulations might affect the future of the annuity, insurance, and financial markets.

First, the phenomenon of greater life expectancies and the need for some sort of longevity insurance by most individuals will be explored. Second, the current statutory and regulatory framework within which employers can or cannot include annuity and similar types of distribution options through their ERISA governed defined contribution plans will be defined. Third, the paths that annuity, life insurance, and other relevant markets have taken so far will be summarized, and the potential paths, in light of the proposed regulations and revenue rulings, will be debated.

Lifetime Income Options for Retirement Plans: Where Do We Go From Here?
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