Posted on 12/08/2009 2:14:10 PM PST by luckybogey
On December 7th, the entirety of the Department's semiannual agenda was made available online at www.dol.gov/asp/regs/agenda.htm and at www.regulations.gov. The regulatory agenda is a listing of all the regulations the Department of Labor expects to have under active consideration for promulgation, proposal, or review during the coming one-year period.
We will host a series of live Q&A sessions with our leadership to answer your questions about our regulatory agenda:
Lifetime Income Options for Retirement Plans Employee Benefits Security Administration (EBSA)
Topic: Lifetime Income Options for Retirement Plans
EBSA plans to enhance retirement security by reducing the chances that workers will run out of funds during their retirement years, supporting the Secretary's good jobs for everyone policy.
Key Action: Request for Information (RFI) The Department's EBSA plans to publish an RFI in January 2010 to solicit views, suggestions and comments from the public on how to enhance retirement security for all workers by reducing the chances that workers will run out of funds during their retirement years. The RFI asks 37 specific questions designed to obtain focused commentary to help EBSA make its determinations.
Key Concern and Issues to be Addressed: An ever increasing number of workers are looking to their defined contribution plans for their retirement security, but at the same time many workers are receiving their retirement benefits in lump sum distributions. This could increase the risk of running out of money after retirement.
The Department, in conjunction with the Department of the Treasury, anticipates publishing an RFI in January 2010 as a first step towards exploring what steps it can take to enhance retirement security and reduce the chances that workers will run out of funds during their retirement years.
Background Traditionally, retirement security was provided to many workers through defined benefit pension plans sponsored by their employers because such plans are typically required to make annuities available to participants at retirement.Department of Labor data, however, show a trend away from employer sponsorship of defined benefit plans, toward sponsorship of defined contribution plans, e.g., 401(k) plans.
The result of these trends is that employees rather than employers are increasingly responsible for the adequacy of their retirement savings. In addition, because defined contribution plans typically distribute retirement savings in a lump sum payment, employees are also responsible for ensuring that their savings last throughout their retirement.
Specifically, the Agencies are exploring whether and how to enhance retirement security for employees in defined contribution plans by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement.
Direct Link to the above DoL website: http://www.dol.gov/regulations/
These precious little idiots. What a news flash, allow 401K and be amazed when defined pension plans disappear. What was that, nearly 30 years ago? Lucky for them, these pinheads created a problem to fix ...how sweet.
An endless bloody list of regulations ...government run amok with useful idiots looking for something to do and creating nothing good to pretend like they are doing something to protect their pitiful jobs. Precious little pricks. I almost pity them but find government employees generally useless and mostly reprehensible. Kept people pretending to have a useful job for the most part.
If it looks like they're going to steal your money, withdraw your 401K without question.
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