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ERIC Testifies Before IRS on Proposals to Expand Lifetime Income Options
The ERISA Industry Committee [ERIC] Link to more items from this source
[Opinion]
June 4, 2012

"ERIC supports efforts to modify existing minimum required distribution rules to better accommodate deferred annuities, but urges the agency to revise the proposed penalty for setting aside more than the maximum amount in a qualified longevity annuity contract (QLAC).... under the proposed regulations, if one requirement is not satisfied, the entire deferred annuity is disqualified and must be taken into account for purposes of minimum required distribution calculations. '[ERIC believes] this result is draconian and will be difficult to administer. No matter how hard we try, mistakes will inevitably occur[.]'"

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