Department of Labor and Treasury Seek Suggestions and Comments on ERISA Rules

February 08, 2010

The Department of Labor (DOL) and the Department of the Treasury have issued a request for information to get a better idea of if, and how, the two departments should enhance the rules under the Employee Retirement Income Security Act (ERISA) regarding lifetime income options.

Specifically, the DOL and Treasury Department are seeking suggestions, comments, and views from plan participants, plan sponsors, plan providers, and the general public on whether employer-sponsored plans and individual retirement accounts could be improved with lifetime income options, or other arrangements that would provide a steady stream of income after retirement.

ERISA is a federal statute that sets minimum standards for pension plans in the private sector. While, state and local government plans are not subject to ERISA, they often follow the statute as a matter of “best practices.”

Interested individuals can submit written comments online at www.regulations.gov, by e-mail at or by mail to:

Office of Regulations and Interpretations
Employee Benefits Security Administration, Room N-5655
U.S. Department of Labor
200 Constitution Avenue NW
Washington, DC 20210
Attention: Lifetime Income RFI

The deadline for submissions is May 3, 2010 by 11:59PM.