Even with all of the interest in the Fiduciary Rule, the DOL is still paying attention to lifetime income-so much so that the Qualified Longevity Annuity Contract (the “QLAC”, established by the IRS) was granted broad relief under the Rule. This relief is so favorable that one of the claims being brought in the 5 different lawsuits against the DOL related to the Rule is that non-QLAC annuities should be getting the same treatment.
So, retirement security through DC lifetime income is still an issue that is front and center. Evan Giller and I spoke before the ERISA Advisory Council last year on steps the DOL could take to facilitate DC Lifetime Income, and we “translated” those remarks into an academic article in the Journal of Retirement. Click on that link to see what we think might work. The publisher is allowing access though July 15, so read it and print it out now. It may be helpful.