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IRS and DOL Issue Favorable Guidance on Lifetime Income Provided Through Target Date Funds in Retirement Plans
Eversheds Sutherland [Guidance Overview] Oct. 28, 2014 "Other than with respect to [guaranteed lifetime withdrawal benefits or guaranteed minimum withdrawal benefits (GLWBs or GMWBs)], about which the Treasury is still considering guidance, and employer securities, presumably to avoid familiar issues when plans hold untraded employer securities, the Notice does not appear prescriptive with respect to the form of the annuities or the TDFs, which would need to comport with applicable ERISA, banking, insurance, securities or other requirements. The tax guidance contemplates that the TDFs may be either a default or a regular investment option under the plan." |
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