"Improvement is needed in the disclosures, regulations and education that warn defined benefit plan participants about the risks of taking lump-sum cash-outs, [PBGC Director Joshua] Gotbaum told a packed room at the [August 29 ERISA Advisory] council meeting.... [L]ump-sum cash-outs are cheaper than buying annuities because the market price of annuities has risen, he said. Second, regulatory guidance about offering annuities is not as clear as that for offering lump sums ... Third, some people have lost faith in all financial institutions, which makes lump sums more attractive, he said."  MORE >>