You may’ve noticed that the SECURE Act introduced yet another new twist to the 403(b) world: the Qualified Plan Distribution Annuity Contract (“QPDAC”-you may want to look at my prior blog related to these lifetime income acronyms). Its not that Congress was singly out 403(b) plans, as 401(a) and 457(b) plansnow also have the ability to distribute QPDAC. But, as in all other things 403(b)s, there are a number of unique twists to the rules which exist solely in the 403(b) world.
Continue Reading The 403(b) “Qualified Plan Distribution Annuity Contract” Under SECURE Section 109

We have been extensively researching, writing on and developing the concept of providing lifetime income from defined contribution plans for some 15 years. The work has resulted in a patent; several major independantly published research papers; the  outlining of some of the important concepts which underline the proposed QLAC regs and its key revenue ruling; and the development of more than one retirement product. If you look closely, you’ll see that that many of the major whitepapers  published on lifetime income are well based on this extensive work we have published. Some of the work really is groundbreaking; for example, we propose  a useful fiduciary process which can be used by fiduciaries in the purchase of annuities, in our NYU paper.

This blog has carried much of that material for the past 5 years, since February, 2009. We’ve now compiled those pieces here for use by  employers, vendors, actuaries, advisers and attorneys who may be struggling to support lifetime income in defined contribution plans.


Continue Reading A Useful Compendium of Lifetime Income Guidance for Defined Contribution Plans

I have spent much of my career studying and practicing in the law of annuities as it applies to retirement plans-starting even prior to my long stint with an insurance holding company, when the Master Trust of the Fortune 100 company for which I was in-house ERISA counsel formulated its own synthetic, pooled GIC for

The private employer-sponsored defined benefit plan has had a good run of it, supporting two generations well in its goal of providing economic security  for retirees.  But the last 10 years have seen gradual though substantial decline in the number of employers sponsoring these plans, and in the percentage of employees being covered by these

ERISA really did create some fundamental changes that has broad personal affect. This reposting of a blog I wrote last year provides a good Mother’s Day reminder of the importance of the work we do:

ERISA wonks such as ourselves tend to get lost in the press of details which seem to flow non-stop