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DOL Provides Key ERISA Guidance on Purchase of Lifetime Annuities
Business of BenefitsLink to more items from this source
[Guidance Overview]
July 14, 2015

"[FAB 2015-02] is an initial, but substantial, step in addressing one of the most pressing of the ERISA issues related to providing lifetime income from defined contribution plans: concerns by employers and their advisors regarding the potential of a substantial 'tail' of liability related to buying an annuity.... Addressing this 'fiduciary anxiety,' the DOL helpfully described the manner in which ERISA's six-year statue of limitations serves to restrict the 'window of liability' related to those purchases.... Next up will be guidance on a safe harbor, for the steps the fiduciary should take in choosing an annuity carrier."

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