"Evaluating the Department's Regulations and Guidance on ERISA Bonding Requirements and Exploring Reform Considerations: The Council recommends that the Department publish the following new guidance ... [1] A new Interpretive Bulletin, incorporating much of the content of its 2008 Field Assistance Bulletin 2008-04. [2] A summary of the requirements for securing a fidelity bond that complies with the Department's guidance....

"Lifetime Income Solutions as a Qualified Default Investment Alternative (QDIA): [1] Amend the QDIA regulations to address using [lifetime income (LTI)] in a QDIA.... [2] The Department should publish guidance confirming that a named plan fiduciary may appoint a 3(38) investment manager to select and monitor annuity and other LTI options for DC plan decumulation, as well as accumulation.... [3] The Department should encourage plan sponsors to adopt plan design features that facilitate LTI, including, but not limited to: allowing participants to take ad hoc distributions, enabling installment payments, providing Social Security bridge options and allowing for payment of required minimum distributions."

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