Hearing on Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans, 48367-48369 [2010-19624]
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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 https://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,
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comments which:
(1) Evaluate whether the proposed
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whether the information will have
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(2) Evaluate the accuracy of the
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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
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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
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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
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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
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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
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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
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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
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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: https://
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 https://www.dol.gov/ebsa and
https://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.
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16:26 Aug 09, 2010
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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
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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
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]]>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 https://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: https://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 https://www.dol.gov/ebsa and https://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
