DOL rule on lifetime income illustrations draws wide opposition

08/23/2013 | BenefitsPro.com

A proposed Department of Labor rule specifying the way employers illustrate lifetime income under their retirement plans is drawing wide criticism from the retirement industry. Opponents say plan sponsors would be exposed to fiduciary liability by the lack of flexibility in the "safe harbor" clause. The Insured Retirement Institute said in its comments on the proposal that it hopes the Department of Labor will review the tools available and leave plan sponsors with the freedom to use them.

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