Hearing on Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans, 48367-48369 [2010-19624]

Download as PDF sroberts on DSKB9S0YB1PROD with NOTICES Federal Register / Vol. 75, No. 153 / Tuesday, August 10, 2010 / Notices request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (Pub. L. 104–13, 44 U.S.C. chapter 35). A copy of this ICR, with applicable supporting documentation; including, among other things, a description of the likely respondents, proposed frequency of response, and estimated total burden may be obtained from the RegInfo.gov Web site at http://www.reginfo.gov/ public/do/PRAMain or by contacting Linda Watts Thomas on 202–693–4223 (this is not a toll-free number); e-mail mail to: DOL_PRA_PUBLIC@dol.gov. Interested parties are encouraged to send comments to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for the Department of Labor—Mine Safety and Health Administration (MSHA), Office of Management and Budget, 725 17th Street, NW., Room 10235, Washington, DC 20503, Telephone: 202–395–4816/ Fax: 202–395–5806 (these are not tollfree numbers), e-mail: OIRA_submission@omb.eop.gov within 30 days from the date of this publication in the Federal Register. In order to ensure the appropriate consideration, comments should reference the applicable OMB Control Number (see below). The OMB is particularly interested in comments which: (1) Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) Evaluate the accuracy of the agency’s estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; (3) Enhance the quality, utility, and clarity of the information to be collected; and (4) Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, e.g., permitting electronic submission of responses. Agency: Mine Safety and Health Administration. Type of Review: Extension. Title of Collection: Operations Under Water. OMB Control Number: 1219–0020. Affected Public: Business or other forprofit. Total Estimated Number of Respondents: 80. VerDate Mar<15>2010 16:26 Aug 09, 2010 Jkt 220001 Total Estimated Annual Burden Hours: 400. Total Estimated Annual Cost Burden (operating/maintaining): $33,880. Description: Title 30 CFR 75.1716, 75.1716–1 and 75.1716–3 require operators of underground coal mines to provide MSHA notification before mining under bodies of water and to obtain a permit to mine under a body of water if, in the judgment of the Secretary, it is sufficiently large to constitute a hazard to miners. The regulation is necessary to prevent the inundation of underground coal mines with water which has the potential of drowning miners. Section 103(h) of the Mine Act, 30 U.S.C. 813, authorizes MSHA to collect information necessary to carryout its duty in protecting the safety and health of miners. For additional information, see related notice published in the Federal Register on June 24, 2010 (Vol. 75, page 36122). Dated: August 4, 2010. Linda Watts Thomas, Acting Departmental Clearance Officer. [FR Doc. 2010–19683 Filed 8–9–10; 8:45 am] BILLING CODE 4510–43–P DEPARTMENT OF LABOR Employee Benefits Security Administration DEPARTMENT OF THE TREASURY Internal Revenue Service Hearing on Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans Employee Benefits Security Administration, U.S. Department of Labor; Internal Revenue Service, Department of the Treasury. ACTION: Notice of hearing. AGENCY: Notice is hereby given that the Department of Labor and the Department of the Treasury (the ‘‘Agencies’’) will hold a joint hearing to further consider several specific issues relating to lifetime income or other arrangements designed to provide a lifetime stream of income after retirement for participants and beneficiaries in retirement plans. DATES: The hearing will be held on September 14, 2010, and, if necessary, September 15, 2010, beginning at 9 a.m., EST. ADDRESSES: The hearing will be held at the U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. SUMMARY: PO 00000 Frm 00066 Fmt 4703 Sfmt 4703 48367 FOR FURTHER INFORMATION CONTACT: Stephanie L. Ward or Luisa GrilloChope, Office of Regulations and Interpretations, Employee Benefits Security Administration, U.S. Department of Labor, at (202) 693–8500 or Peter J. Marks, Office of Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities), Internal Revenue Service, Department of the Treasury, at (202) 622–6090. These are not toll-free numbers. SUPPLEMENTARY INFORMATION: The Agencies published in the Federal Register on February 2, 2010 (75 FR 5253), a request for information (RFI) regarding whether, and, if so, how, by regulation or otherwise, it would be appropriate for them to enhance the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The Agencies received approximately 780 comments in response to the RFI. The RFI posed several questions on a broad range of topics designed to help the Agencies assess the issues relating to the shift from defined benefit plans that offer employees lifetime annuities to defined contribution plans that typically distribute retirement savings in a lump sum payment. With the continuing trend away from traditional defined benefit plans to defined contribution plans and hybrid plans, including the associated trend away from annuities toward lump sum distributions, employees are not only increasingly responsible for the adequacy of their savings at the time of retirement, but also for ensuring that their savings last throughout their retirement years and, in many cases, the remaining lifetimes of their spouses and dependents. Following a careful review of all the comments received in response to the RFI, the Agencies have decided to conduct a limited public hearing for the purpose of further considering and gathering further information on a few discrete issues and proposals raised or presented in RFI submissions. In this regard, the scope of the public hearing will be limited to testimony and questions relating to the following specific issues: 1. Certain Specific Participant Concerns Affecting the Choice of Lifetime Income Relative to Other Options. A number of individuals and participant representative groups indicated that many participants who are choosing the form in which to E:\FR\FM\10AUN1.SGM 10AUN1 sroberts on DSKB9S0YB1PROD with NOTICES 48368 Federal Register / Vol. 75, No. 153 / Tuesday, August 10, 2010 / Notices receive their retirement benefits were reluctant to consider a lifetime income option because of their concerns about, among other things, the long-term viability of the institution issuing the lifetime income product, inflation risk, the fees and complexity associated with some lifetime income products, and concerns about a lack of or limits on death benefits and withdrawal options. The Agencies are interested in hearing testimony on these considerations and concerns, how they are or can be addressed in the market or via plan design, and recommendations concerning steps policymakers and regulators might take to address them. 2. Information to Help Participants Make Choices Regarding Management and Spend Down of Retirement Benefits. The Agencies are interested in learning more about the particular types of information that would be useful to participants when making their choices about how to manage and spend their retirement benefits, and the methods and materials by which the information could be provided to participants, including what behavioral finance teaches in this regard. Several commenters on the RFI recommended that the Department of Labor provide guidance on how plan sponsors and service providers can assist participants in understanding and preparing for the spend down of retirement assets without potential fiduciary liability. For instance, one specific question is how the Department of Labor should expand and clarify Interpretive Bulletin 96–1 to provide useful spend down guidance to be relied upon in providing participants with information to help them make better informed retirement income decisions. 3. Disclosure of Account Balances as Monthly Income Streams. Many commenters believe there is a need to make available to participants more information on the benefits and value of a lifetime stream of income as compared to a lump sum distribution. The Agencies are interested in hearing testimony on whether participants in 401(k) and other defined contribution plans would be more likely to give due consideration to lifetime income stream options if they were furnished a benefit statement that, in addition to their account balance, sets forth their benefit in the form of a monthly lifetime benefit. If so, should such income streams be based on the participant’s accrued benefit (account balance) as of the date of the statement or based on the individual’s projected account balance at some future date, such as normal retirement age under the plan or social security retirement age, and would this VerDate Mar<15>2010 16:26 Aug 09, 2010 Jkt 220001 information would be more helpful to participants who are close to retirement than to younger participants? If the stream of payments depicted in the benefit statement is based on an account balance projected to some future date (e.g., normal retirement age), what contribution rate (e.g., the participant’s current contribution rate or a specified percentage of current compensation adjusted annually) and what rate of return should be assumed during the accumulation phase, and what interest rate should be used for converting the account balance into an income stream? Alternatively, if the stream of payments depicted is based on the participant’s current account balance converted immediately to payments commencing at a future date (e.g., normal retirement age), what interest rate should be used for the conversion? In either case, what mortality rates should be used? Should the statement explain what actuarial assumptions were used in estimating the actuarial equivalent of an account balance in the form of a monthly lifetime benefit? Should it quantify or otherwise explain any uncertainty associated with the reported monthly income? Should the Agencies or another Federal agency create a computer model or guidelines that can be accessed for purposes of performing such calculations? What administrative costs and burdens should be factored in to assessing the merits of either encouraging or requiring 401(k) or other defined contribution plan administrators to provide such information on an individual benefit statement? 4. Fiduciary Safe Harbor for Selection of Lifetime Income Issuer or Product. A number of commenters recommended that the Department of Labor revise the annuity selection safe harbor to provide an objective standard that fiduciaries could rely on in selecting and evaluating the various lifetime income products. The Department of Labor is interested in hearing testimony on what particular changes should be made to the fiduciary safe harbor for the selection of annuity providers for the purpose of benefit distributions from defined contribution plans in the Department of Labor’s regulation 29 CFR 2550.404a–4. In this regard, should different criteria apply to a fiduciary’s decision depending on the size of the plan? Should different criteria apply depending on the type of lifetime income product? Are there standards that the Department of Labor could establish to provide comfort to plan fiduciaries regarding the solvency of the provider? Should the safe harbor be PO 00000 Frm 00067 Fmt 4703 Sfmt 4703 extended to other lifetime income options? 5. Alternative Designs of In-Plan and Distribution Lifetime Income Options. Several commenters provided information concerning a variety of inplan and distribution lifetime income options, some insured, others not. The Agencies are interested in better understanding and further exploring those and other approaches to offering streams of lifetime income to plan participants, including approaches that are or will be available in the marketplace, and related financial, actuarial and legal issues. The hearing will be held on September 14, 2010, and, if necessary, September 15, 2010, beginning at 9 a.m., EST, in the plaza auditorium of the U.S. Department of Labor, Frances Perkins Building, at 200 Constitution Avenue, NW., Washington, DC 20210. Persons interested in presenting testimony and answering questions at this public hearing on one or more of the five issues specified above must submit, by 3:30 p.m., EST, August 16, 2010, the following information: (1) A written request to be heard; indicating which of the five specified issues the person proposes to address and (2) an outline of the main points to be discussed regarding the specified issue or issues, indicating the time allocated to each point. It should be noted that, while reasonable efforts will be made to accommodate requests to testify on the specified issues, it may be necessary to limit the number of those testifying in order to adhere to the hearing’s format. Any persons not afforded an opportunity to testify will nonetheless have an opportunity to submit a written statement on the specified issues for the record. The hearing will be open to the general public. Because the Agencies will jointly review all responses submitted, interested parties may send requests and outlines to either Agency and need not submit responses to both Agencies . Respondents are encouraged to use the title ‘‘Lifetime Income Joint Hearing’’ to facilitate the organization and distribution of responses between the Agencies. Interested parties are invited to submit responses to: Employee Benefits Security Administration, U.S. Department of Labor: To facilitate the receipt and processing of responses, the Department of Labor encourages interested persons to submit their requests and outlines electronically by e-mail to eORI@dol.gov. Persons submitting requests and outlines electronically should not submit paper copies. Persons submitting requests and outlines on E:\FR\FM\10AUN1.SGM 10AUN1 sroberts on DSKB9S0YB1PROD with NOTICES Federal Register / Vol. 75, No. 153 / Tuesday, August 10, 2010 / Notices paper should send or deliver their requests and outlines (preferably at least three copies) to the Office of Regulations and Interpretations, Employee Benefits Security Administration, Attn: Lifetime Income Joint Hearing, Room N–5655, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. All requests and outlines submitted will be available to the public, without charge, online at http: //www.dol.gov/ebsa and at the Public Disclosure Room, N–1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210. Internal Revenue Service. Comments to the IRS, identified by REG–148681– 09, by one of the following methods: • Mail: CC:PA:LPD:PR (REG–148681– 09), Room 5205, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044. • Hand or courier delivery: Monday through Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG–148681–09), Courier’s Desk, Internal Revenue Service, 1111 Constitution Avenue, NW., Washington, DC 20224. • Federal eRulemaking Portal: http:// www.regulations.gov. Follow the instructions for submitting comments (IRS REG–148681–09). All submissions to the IRS will be open to public inspection and copying in room 1621, 1111 Constitution Avenue, NW., Washington, DC from 9 a.m. to 4 p.m. The Agencies will prepare an agenda indicating the order of presentation of oral comments and testimony. In the absence of special circumstances, each presenter will be allotted ten (10) minutes in which to complete his or her presentation. Information about the agenda will be posted on http://www.dol.gov/ebsa and http://www.regulations.gov on or after August 26, 2010, or may be obtained by contacting Stephanie L. Ward or Luisa Grillo-Chope, Office of Regulations and Interpretations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693–8500. This is not a toll-free number. Those individuals who make oral comments and testimonies at the hearing should be prepared to answer questions regarding their information and/or comments. Any individuals with disabilities who may need special accommodations should notify Stephanie L. Ward or Luisa Grillo-Chope on or before August 27, 2010. VerDate Mar<15>2010 16:26 Aug 09, 2010 Jkt 220001 Notice of Public Hearing Notice is hereby given that a public hearing will be held on September 14, 2010, and, if necessary, September 15, 2010, concerning issues related to lifetime income options for participants and beneficiaries in retirement plans. The hearing will be held beginning at 9 a.m. in the plaza auditorium of the U.S. Department of Labor, Frances Perkins Building, at 200 Constitution Avenue, NW., Washington, DC 20210. Signed at Washington, DC, August 4, 2010. Phyllis C. Borzi, Assistant Secretary, Employee Benefits Security Administration, Department of Labor. Signed at Washington, DC, August 3, 2010. Nancy J. Marks, Division Counsel/Associate Chief Counsel, Tax Exempt and Government Entities, Internal Revenue Service, Department of the Treasury. Signed at Washington, DC, August 3, 2010. J. Mark Iwry, Senior Advisor to the Secretary, Deputy Assistant Secretary for Retirement and Health Benefits, Department of the Treasury . [FR Doc. 2010–19624 Filed 8–9–10; 8:45 am] BILLING CODE 4510–29–P NATIONAL SCIENCE FOUNDATION Notice of Intent To Seek Approval To Establish an Information Collection National Science Foundation. Notice and request for comments. AGENCY: ACTION: The National Science Foundation (NSF) is announcing plans to request clearance of this collection. In accordance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995 (Pub. L. 104–13), we are providing opportunity for public comment on this action. After obtaining and considering public comment, NSF will prepare the submission requesting that OMB approve clearance of this collection for no longer than 1 year. DATES: Written comments on this notice must be received by October 12, 2010 to be assured of consideration. Comments received after that date will be considered to the extent practicable. FOR FURTHER INFORMATION CONTACT: To request more information on the proposed project or to obtain a copy of the data collection plans and instruments, contact Leslie Goodyear, Ph.D., National Science Foundation, 885 S 4201 Wilson Boulevard, Arlington, Virginia 22230, 703–292–5115, lgoodyea@nsf.gov. Individuals who use SUMMARY: PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 48369 a telecommunications device for the deaf (TDD) may call the Federal Information Relay Service (FIRS) at 1– 800–877–8339 between 8 a.m. and 8 p.m., Eastern time, Monday through Friday. You may obtain a copy of the data collection instruments and instructions from Dr. Goodyear. SUPPLEMENTARY INFORMATION: Title of Collection: A Social Network Analysis of the National Science Foundation’s Research and Evaluation on Education in Science and Engineering (REESE) and Discovery Research K–12 (DR K–12) Programs. OMB Number: 3145–NEW. Expiration Date of Approval: Not applicable. Type of request: New. Abstract: In compliance with the requirement of Section 3506(c)(2)(A) of the Paperwork Reduction Act of 1995, for opportunity for public comment on proposed data collection projects, the Office of the Director, the National Science Foundation (NSF), will publish periodic summaries of proposed projects to be submitted to the Office of Management and Budget (OMB) for review and approval. A Social Network Analysis of the National Science Foundation’s Research and Evaluation on Education in Science and Engineering (REESE) and Discovery Research K–12 (DR K–12) programs. Type of Information Collection Request: New collection. Need and Use of Information Collection: This study will assess the linkages, impacts, influences of NSF’s REESE and DR K–12 programs. The primary objectives of the study are to conduct a social network analysis of the REESE and DR–K12 programs to understand the impact and influence of each program and whether there are links between the two programs and to other NSF programs. The findings will provide valuable information concerning the impacts and influences of the grant and grantees and whether the REESE and DR K–12 programs influence broader American society. Frequency of Response: Once. Affected Public: Individuals. Type of Respondents: REESE and DR K–12 Grantees and Grantee Lab Members. There are no Capital Costs to report. Estimated Number of Respondents: 1325; Estimated Number of Responses per Respondent: 1. Average Burden Hours per Response: .33. Estimated Total Annual Burden Hours Requested: 437.25 and the annualized cost to respondents is estimated at $14,534.19. Comments: Comments are invited on (a) whether the proposed collection of information is necessary for the proper E:\FR\FM\10AUN1.SGM 10AUN1

Agencies

[Federal Register Volume 75, Number 153 (Tuesday, August 10, 2010)]
[Notices]
[Pages 48367-48369]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-19624]


-----------------------------------------------------------------------

DEPARTMENT OF LABOR

Employee Benefits Security Administration

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Hearing on Certain Issues Relating to Lifetime Income Options for 
Participants and Beneficiaries in Retirement Plans

AGENCY: Employee Benefits Security Administration, U.S. Department of 
Labor; Internal Revenue Service, Department of the Treasury.

ACTION: Notice of hearing.

-----------------------------------------------------------------------

SUMMARY: Notice is hereby given that the Department of Labor and the 
Department of the Treasury (the ``Agencies'') will hold a joint hearing 
to further consider several specific issues relating to lifetime income 
or other arrangements designed to provide a lifetime stream of income 
after retirement for participants and beneficiaries in retirement 
plans.

DATES: The hearing will be held on September 14, 2010, and, if 
necessary, September 15, 2010, beginning at 9 a.m., EST.

ADDRESSES: The hearing will be held at the U.S. Department of Labor, 
200 Constitution Avenue, NW., Washington, DC 20210.

FOR FURTHER INFORMATION CONTACT: Stephanie L. Ward or Luisa Grillo-
Chope, Office of Regulations and Interpretations, Employee Benefits 
Security Administration, U.S. Department of Labor, at (202) 693-8500 or 
Peter J. Marks, Office of Division Counsel/Associate Chief Counsel (Tax 
Exempt and Government Entities), Internal Revenue Service, Department 
of the Treasury, at (202) 622-6090. These are not toll-free numbers.

SUPPLEMENTARY INFORMATION: The Agencies published in the Federal 
Register on February 2, 2010 (75 FR 5253), a request for information 
(RFI) regarding whether, and, if so, how, by regulation or otherwise, 
it would be appropriate for them to enhance the retirement security of 
participants in employer-sponsored retirement plans and in individual 
retirement arrangements (IRAs) by facilitating access to, and use of, 
lifetime income or other arrangements designed to provide a lifetime 
stream of income after retirement. The Agencies received approximately 
780 comments in response to the RFI.
    The RFI posed several questions on a broad range of topics designed 
to help the Agencies assess the issues relating to the shift from 
defined benefit plans that offer employees lifetime annuities to 
defined contribution plans that typically distribute retirement savings 
in a lump sum payment. With the continuing trend away from traditional 
defined benefit plans to defined contribution plans and hybrid plans, 
including the associated trend away from annuities toward lump sum 
distributions, employees are not only increasingly responsible for the 
adequacy of their savings at the time of retirement, but also for 
ensuring that their savings last throughout their retirement years and, 
in many cases, the remaining lifetimes of their spouses and dependents.
    Following a careful review of all the comments received in response 
to the RFI, the Agencies have decided to conduct a limited public 
hearing for the purpose of further considering and gathering further 
information on a few discrete issues and proposals raised or presented 
in RFI submissions. In this regard, the scope of the public hearing 
will be limited to testimony and questions relating to the following 
specific issues:
    1. Certain Specific Participant Concerns Affecting the Choice of 
Lifetime Income Relative to Other Options. A number of individuals and 
participant representative groups indicated that many participants who 
are choosing the form in which to

[[Page 48368]]

receive their retirement benefits were reluctant to consider a lifetime 
income option because of their concerns about, among other things, the 
long-term viability of the institution issuing the lifetime income 
product, inflation risk, the fees and complexity associated with some 
lifetime income products, and concerns about a lack of or limits on 
death benefits and withdrawal options. The Agencies are interested in 
hearing testimony on these considerations and concerns, how they are or 
can be addressed in the market or via plan design, and recommendations 
concerning steps policymakers and regulators might take to address 
them.
    2. Information to Help Participants Make Choices Regarding 
Management and Spend Down of Retirement Benefits. The Agencies are 
interested in learning more about the particular types of information 
that would be useful to participants when making their choices about 
how to manage and spend their retirement benefits, and the methods and 
materials by which the information could be provided to participants, 
including what behavioral finance teaches in this regard. Several 
commenters on the RFI recommended that the Department of Labor provide 
guidance on how plan sponsors and service providers can assist 
participants in understanding and preparing for the spend down of 
retirement assets without potential fiduciary liability. For instance, 
one specific question is how the Department of Labor should expand and 
clarify Interpretive Bulletin 96-1 to provide useful spend down 
guidance to be relied upon in providing participants with information 
to help them make better informed retirement income decisions.
    3. Disclosure of Account Balances as Monthly Income Streams. Many 
commenters believe there is a need to make available to participants 
more information on the benefits and value of a lifetime stream of 
income as compared to a lump sum distribution. The Agencies are 
interested in hearing testimony on whether participants in 401(k) and 
other defined contribution plans would be more likely to give due 
consideration to lifetime income stream options if they were furnished 
a benefit statement that, in addition to their account balance, sets 
forth their benefit in the form of a monthly lifetime benefit. If so, 
should such income streams be based on the participant's accrued 
benefit (account balance) as of the date of the statement or based on 
the individual's projected account balance at some future date, such as 
normal retirement age under the plan or social security retirement age, 
and would this information would be more helpful to participants who 
are close to retirement than to younger participants? If the stream of 
payments depicted in the benefit statement is based on an account 
balance projected to some future date (e.g., normal retirement age), 
what contribution rate (e.g., the participant's current contribution 
rate or a specified percentage of current compensation adjusted 
annually) and what rate of return should be assumed during the 
accumulation phase, and what interest rate should be used for 
converting the account balance into an income stream? Alternatively, if 
the stream of payments depicted is based on the participant's current 
account balance converted immediately to payments commencing at a 
future date (e.g., normal retirement age), what interest rate should be 
used for the conversion? In either case, what mortality rates should be 
used? Should the statement explain what actuarial assumptions were used 
in estimating the actuarial equivalent of an account balance in the 
form of a monthly lifetime benefit? Should it quantify or otherwise 
explain any uncertainty associated with the reported monthly income? 
Should the Agencies or another Federal agency create a computer model 
or guidelines that can be accessed for purposes of performing such 
calculations? What administrative costs and burdens should be factored 
in to assessing the merits of either encouraging or requiring 401(k) or 
other defined contribution plan administrators to provide such 
information on an individual benefit statement?
    4. Fiduciary Safe Harbor for Selection of Lifetime Income Issuer or 
Product. A number of commenters recommended that the Department of 
Labor revise the annuity selection safe harbor to provide an objective 
standard that fiduciaries could rely on in selecting and evaluating the 
various lifetime income products. The Department of Labor is interested 
in hearing testimony on what particular changes should be made to the 
fiduciary safe harbor for the selection of annuity providers for the 
purpose of benefit distributions from defined contribution plans in the 
Department of Labor's regulation 29 CFR 2550.404a-4. In this regard, 
should different criteria apply to a fiduciary's decision depending on 
the size of the plan? Should different criteria apply depending on the 
type of lifetime income product? Are there standards that the 
Department of Labor could establish to provide comfort to plan 
fiduciaries regarding the solvency of the provider? Should the safe 
harbor be extended to other lifetime income options?
    5. Alternative Designs of In-Plan and Distribution Lifetime Income 
Options. Several commenters provided information concerning a variety 
of in-plan and distribution lifetime income options, some insured, 
others not. The Agencies are interested in better understanding and 
further exploring those and other approaches to offering streams of 
lifetime income to plan participants, including approaches that are or 
will be available in the marketplace, and related financial, actuarial 
and legal issues.
    The hearing will be held on September 14, 2010, and, if necessary, 
September 15, 2010, beginning at 9 a.m., EST, in the plaza auditorium 
of the U.S. Department of Labor, Frances Perkins Building, at 200 
Constitution Avenue, NW., Washington, DC 20210.
    Persons interested in presenting testimony and answering questions 
at this public hearing on one or more of the five issues specified 
above must submit, by 3:30 p.m., EST, August 16, 2010, the following 
information: (1) A written request to be heard; indicating which of the 
five specified issues the person proposes to address and (2) an outline 
of the main points to be discussed regarding the specified issue or 
issues, indicating the time allocated to each point. It should be noted 
that, while reasonable efforts will be made to accommodate requests to 
testify on the specified issues, it may be necessary to limit the 
number of those testifying in order to adhere to the hearing's format. 
Any persons not afforded an opportunity to testify will nonetheless 
have an opportunity to submit a written statement on the specified 
issues for the record. The hearing will be open to the general public.
    Because the Agencies will jointly review all responses submitted, 
interested parties may send requests and outlines to either Agency and 
need not submit responses to both Agencies . Respondents are encouraged 
to use the title ``Lifetime Income Joint Hearing'' to facilitate the 
organization and distribution of responses between the Agencies. 
Interested parties are invited to submit responses to:
    Employee Benefits Security Administration, U.S. Department of 
Labor: To facilitate the receipt and processing of responses, the 
Department of Labor encourages interested persons to submit their 
requests and outlines electronically by e-mail to e-ORI@dol.gov. 
Persons submitting requests and outlines electronically should not 
submit paper copies. Persons submitting requests and outlines on

[[Page 48369]]

paper should send or deliver their requests and outlines (preferably at 
least three copies) to the Office of Regulations and Interpretations, 
Employee Benefits Security Administration, Attn: Lifetime Income Joint 
Hearing, Room N-5655, U.S. Department of Labor, 200 Constitution 
Avenue, NW., Washington, DC 20210. All requests and outlines submitted 
will be available to the public, without charge, online at http://www.dol.gov/ebsa and at the Public Disclosure Room, N-1513, Employee 
Benefits Security Administration, U.S. Department of Labor, 200 
Constitution Avenue, NW., Washington, DC 20210.
    Internal Revenue Service. Comments to the IRS, identified by REG-
148681-09, by one of the following methods:
     Mail: CC:PA:LPD:PR (REG-148681-09), Room 5205, Internal 
Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 
20044.
     Hand or courier delivery: Monday through Friday between 
the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-148681-09), 
Courier's Desk, Internal Revenue Service, 1111 Constitution Avenue, 
NW., Washington, DC 20224.
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments (IRS REG-148681-09).
    All submissions to the IRS will be open to public inspection and 
copying in room 1621, 1111 Constitution Avenue, NW., Washington, DC 
from 9 a.m. to 4 p.m.
    The Agencies will prepare an agenda indicating the order of 
presentation of oral comments and testimony. In the absence of special 
circumstances, each presenter will be allotted ten (10) minutes in 
which to complete his or her presentation.
    Information about the agenda will be posted on http://www.dol.gov/ebsa and http://www.regulations.gov on or after August 26, 2010, or may 
be obtained by contacting Stephanie L. Ward or Luisa Grillo-Chope, 
Office of Regulations and Interpretations, Employee Benefits Security 
Administration, U.S. Department of Labor, telephone (202) 693-8500. 
This is not a toll-free number.
    Those individuals who make oral comments and testimonies at the 
hearing should be prepared to answer questions regarding their 
information and/or comments.
    Any individuals with disabilities who may need special 
accommodations should notify Stephanie L. Ward or Luisa Grillo-Chope on 
or before August 27, 2010.

Notice of Public Hearing

    Notice is hereby given that a public hearing will be held on 
September 14, 2010, and, if necessary, September 15, 2010, concerning 
issues related to lifetime income options for participants and 
beneficiaries in retirement plans. The hearing will be held beginning 
at 9 a.m. in the plaza auditorium of the U.S. Department of Labor, 
Frances Perkins Building, at 200 Constitution Avenue, NW., Washington, 
DC 20210.

    Signed at Washington, DC, August 4, 2010.
Phyllis C. Borzi,
Assistant Secretary, Employee Benefits Security Administration, 
Department of Labor.

    Signed at Washington, DC, August 3, 2010.
Nancy J. Marks,
Division Counsel/Associate Chief Counsel, Tax Exempt and Government 
Entities, Internal Revenue Service, Department of the Treasury.

    Signed at Washington, DC, August 3, 2010.
J. Mark Iwry,
Senior Advisor to the Secretary, Deputy Assistant Secretary for 
Retirement and Health Benefits, Department of the Treasury .
[FR Doc. 2010-19624 Filed 8-9-10; 8:45 am]
BILLING CODE 4510-29-P