45 pages. "Part I of this testimony focuses on research that can shed light on the Council's underlying premise that Americans are under-annuitized and that promoting annuities in DC plans is a necessary policy initiative. To address these issues, this testimony provides a review of the research on the question of annuitization ... Part II of this testimony examines two ideas that have been heavily promoted by proponents of increased annuitization in DC plans: a proposal to modify the [Qualified Default Investment Alternative (QDIA)] safe harbor to permit limits on rights of transferability ... and a proposal to require benefit statements to include a lifetime income illustration based on an annuity calculation. Part II also considers whether implementing the ideas would serve the interests of plan participants and beneficiaries."  MORE >>