From: Jason K. Bortz [mailto:JKBortz@davis-harman.com] 

Sent: Monday, August 16, 2010 10:27 AM 

To: EBSA, E-ORI - EBSA 

Cc: Joseph F. McKeever, III 

Subject: Lifetime Income Joint Hearing -- Request to Testify

Dear Sir or Madam: 

The Committee of Annuity Insurers (the “Committee”) respectfully requests the 

opportunity to testify at the Department of Labor and Department of Treasury Lifetime 

Income Joint Hearing to be held on September 14 and, if necessary, September 15, 2010. 

The Committee is a coalition of life insurance companies formed in 1982 to participate in 

the development of federal policy with respect to annuities. The Committee’s current 31 

member companies represent more than 80% of the annuity business in the United States 

and are among the largest issuers of annuity contracts in connection with employersponsored retirement plans and individual retirement arrangements (“IRAs”). A list of 

the Committee’s member companies is attached. 

The Committee would testify on the following topics: 

1. New Designs for In-Plan Lifetime Income Options (4 minutes). Discussion of the 

broad range of lifetime income options currently being used in plans and IRAs, 

and the need for guidance that takes into account the unique features of these 

different options. Discussion will highlight the following: 

• Fixed annuities offered as plan investment options, 

• Variable annuities with living benefits (such as guaranteed minimum 

income benefits and guaranteed minimum accumulation benefits), 

• Guaranteed lifetime withdrawal benefits (whether embedded in a deferred 

annuity or provided as a “stand-alone” benefit), and 

• Deferred income annuities (sometime referred to as “longevity 

insurance”). 

 

2. Portability for Annuity Investment Options in Individual Account Plans (3 minutes). 

Discussion of the importance of portability for innovative lifetime income options that 

are purchased through plans, and the need for clear guidance. Will include a discussion 

of possible guidance on the use of qualified plan distributed annuity contracts, including 

in connection with the elimination of a deferred annuity as a plan investment option. 
3. Spousal Consent Rules for Annuity Investment Options (3 minutes). Discussion of the 

need for guidance on the application of the spousal consent rules to new designs, 

particularly in-plan annuity investment options. 

The Committee appreciates your consideration of our request to testify. We believe that 

the Committee can provide valuable insights into the use of annuities as investment and 

distribution options in plans and IRAs as well as the barriers to such use. Should you 

have any questions, please contact Jason Bortz (jkbortz@davis-harman.com) or Joseph 

McKeever (jfmckeever@davis-harman.com). Both can be reached by phone at 202-347-

2230. 

Sincerely, 

Jason Bortz 

Jason K. Bortz 

Davis & Harman LLP 

The Willard 

1455 Pennsylvania Avenue, NW, Suite 1200 

Washington, DC 20004 

Main: 202-347-2230 Direct: 202-662-2263 

Fax: 202-393-3310 jkbortz@davis-harman.com

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********************************************************************* 

IRS CIRCULAR 230 NOTICE: As required by the IRS, we inform you that any tax 

advice contained in this communication (or in any attachment) was not intended or 

written to be used or referred to, and cannot be used or referred to (i) for the purpose of 

avoiding penalties under the Internal Revenue Code, or (ii) in promoting, marketing or 

recommending to another party any transaction or matter addressed in this 

communication (or in any attachment). 

********************************************************************* 

 
August 4, 2010

The Committee of Annuity Insurers

The Willard Office Building

Suite 1200

1455 Pennsylvania Ave., NW

Washington, D.C. 20004

AEGON Group of Companies, Cedar Rapids, IA

AIG American General, Wilmington, DE

Allstate Financial, Northbrook, IL

AmerUs Annuity Group Co., Topeka, KS

AXA Equitable Life Insurance Company, New York, NY

Commonwealth Annuity and Life Insurance Co.

(a Goldman Sachs Company), Southborough, MA

CNO Financial Group, Carmel, IN

Fidelity Investments Life Insurance Company, Boston, MA

Genworth Financial, Richmond, VA

Great American Life Insurance Co., Cincinnati, OH

Guardian Insurance & Annuity Co., Inc, New York, NY

Hartford Life Insurance Company, Hartford, CT

ING North America Insurance Corporation, Atlanta, GA

Jackson National Life Insurance Company, Lansing, MI

John Hancock Life Insurance Company, Boston, MA

Life Insurance Company of the Southwest, Dallas, TX

Lincoln Financial Group, Fort Wayne, IN

MassMutual Financial Group, Springfield, MA

Metropolitan Life Insurance Company, New York, NY

Nationwide Life Insurance Companies, Columbus, OH

New York Life Insurance Company, New York, NY

Northwestern Mutual Life Insurance Company, Milwaukee, WI

Ohio National Financial Services, Cincinnati, OH

Pacific Life Insurance Company, Newport Beach, CA

Protective Life Insurance Company, Birmingham, AL

Prudential Insurance Company of America, Newark, NJ

RiverSource Life Insurance Company (an

Ameriprise Financial Company), Minneapolis, MN

Sun Life of Canada, Wellesley Hills, MA

Symetra Financial, Bellevue, WA

TIAA-CREF, New York, NY

USAA Life Insurance Company, San Antonio, TX

The Committee of Annuity Insurers was formed in 1982 to participate in the development of 

federal tax and securities law policies with respect to annuities. The member companies of the 

Committee represent more than 80% of the annuity business in the United States.