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Bloomberg Industry Group
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Heritage Pension Advisors, Inc.
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Text of Request by EBSA and IRS for Information Regarding Lifetime Income Options for Participants and Beneficiaries in Retirement Plans
Employee Benefits Security Administration [EBSA]; Internal Revenue Service [IRS] Link to more items from this source
[Official Guidance]
Feb. 2, 2010
6 pages. Excerpt: What are the advantages and disadvantages for participants of selecting lifetime income payments through a plan (in-plan option) as opposed to outside a plan (e.g., after a distribution or rollover)? ... What are the advantages and disadvantages from the standpoint of the plan sponsor of providing an in-plan option for lifetime income as opposed to leaving to participants the task of securing a lifetime income vehicle after receiving a plan distribution? ... How commonly do plan sponsors offer participants the explicit choice of using a portion of their account balances to purchase a lifetime annuity, while leaving the rest in the plan or taking it as a lump sum distribution or a series of ad hoc distributions? Why do some plan sponsors make this partial annuity option available while others do not?

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