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Assurance From DOL Would Be Helpful, Practitioner Says at IRS Hearing on QLACs
Bloomberg BNA Link to more items from this source
June 5, 2012
"[Drew Carrington, testifying on behalf of the Defined Contribution Institutional Investment Association,] said it probably is unrealistic to expect DOL to issue safe-harbor guidance under [ERISA] as an incentive for employers to offer qualified longevity annuity contracts (QLACs) as described in [a recent proposed IRS regulation]. However, he added, 'any additional guidance that the adoption of in-plan annuity solutions, such as QLACs, does not entail plan sponsors' taking on some new and dangerous form of fiduciary responsibilities would be very helpful in encouraging them to move forward, with the support of their ERISA counsel.'"

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