August 6, 2010 

Filed Via Email at e-ORI@dol.gov 

Office of Regulations and Interpretations 

Employee Benefits Security Administration 

Attn: Lifetime Income Joint Hearing, Room N-5655 

U.S. Department of Labor 

200 Constitution Avenue, NW 

Washington, DC 20210 

CC:PA:LPD:PR (REG-148681-09) 

Room 5205 

Internal Revenue Service 

P.O. Box 7604 

Ben Franklin Station 

Washington, DC 20044 

Re: Written request to testify at Lifetime Income Joint Hearing 

Dear Sir or Madam: 

The American Benefits Council respectfully requests to testify at the Department of 

Labor’s/Department of Treasury’s joint hearing to further consider specific issues 

regarding lifetime income or other arrangements designed to provide a lifetime stream 

of income after retirement for participants and beneficiaries in retirement plans. We 

understand that the hearing will be held on September 14 and, if necessary, September 

15, beginning at 9:00 a.m. ET. 

The Council is a public policy organization representing principally Fortune 500 

companies and other organizations that assist employers of all sizes in providing 

benefits to employees. Collectively, the Council’s members either sponsor directly or 

provide services to retirement and health plans that cover more than 100 million 

Americans. 
2

As you may know, the Council filed a comment letter in response to the agencies’ 

request for information (RFI) and a statement for the record in the recent Senate Aging 

Committee hearing on the same subject. The Council has a strong interest in ensuring 

that the employer-sponsored retirement plans help provide retirement security for the 

vast number of Americans who participate in these plans and that governing statutes 

and regulations continue to encourage employers to sponsor these plans. We are 

continuing to gather input on these important issues from our plan sponsor members. 

In our testimony, we plan to cover (1) information to help participants make choices on 

the management and spend down of retirement benefits (approximately 4 minutes), (2) 

disclosure of account balances as monthly income streams (approximately 3 minutes), 

and (3) the fiduciary safe harbor for selection of lifetime income issuers or products 

(approximately 3 minutes). On the first subject, we plan to discuss helpful ways in 

which Interpretive Bulletin 96-1 could be expanded and the need for practical and 

useful education and communication for participants. On the second and third subject 

matters, we will discuss fiduciary concerns and how the Department of Labor, working 

with the Department of Treasury, could address some of those concerns. Also on the 

third item, we would like to discuss a need for guidance that will provide comfort to 

plan fiduciaries while at the same time providing needed flexibility to accommodate 

future innovations. 

The Council would appreciate this opportunity to testify and believe we can provide 

very useful input regarding lifetime income offerings in retirement plans from the 

employer perspective. If you have any questions, please feel free to call me at 202-289-

6700. 

 Sincerely, 

 Jan M. Jacobson 

 Senior Counsel, Retirement Policy 

 American Benefits Council