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Lifetime Income Guidance on Target Date Funds Issued by IRS and DOL
Practical Law Company Link to more items from this source
[Guidance Overview]
Oct. 27, 2014
"IRS Notice 2014-66 provides a special rule that, if certain conditions are satisfied, a series of TDFs in a defined contribution plan that includes investments in unallocated deferred annuity contracts for older participants is treated as a single right or feature for purposes of the nondiscrimination requirements of Internal Revenue Code (IRC) Section 401(a)(4). The accompanying DOL Information Letter ... provides that this same type of series of TDFs: [1] May qualify as qualified default investment alternatives (QDIAs) within the meaning of [ERISA] Section 404(c) ... and DOL Regulation Section 2550.404c-5 [and] [2] May satisfy the requirements of ERISA Section 404(a)(1)(B) ... if the conditions of the DOL's annuity selection safe harbor of DOL Regulation 2550.404a-4 are satisfied."

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