August 13, 2010

Ms. Phyllis C. Borzi

Assistant Secretary/ EBSA

US Department of Labor

200 Constitution Avenue, NW, Ste S-2524

Washington, DC 20210 

Mr. Mark Iwry

Deputy Assistant Secretary for

Retirement and Health Policy

Department of the Treasury

1500 Pennsylvania Ave NW

Office of Tax Policy, Rm. 1000

Washington, DC 20220-0001

Filed electronically at e-ORI@dol.gov

Re: Request to Testify at Hearing on Certain Issues Relating to Lifetime Income 

Options 

The American Society of Pension Professionals & Actuaries (ASPPA) is writing to request the 

opportunity to testify at the hearing on certain issues relating to lifetime income distributions to 

participants and beneficiaries in retirement plans to be held September 14, 2010 (and September 

15, 2010, if necessary). ASPPA is a national organization of more than 7,000 retirement plan 

professionals who provide consulting and administrative services for qualified retirement plans 

covering millions of American workers. ASPPA members are retirement professionals of all 

disciplines, including consultants, investment professionals, administrators, actuaries, 

accountants and attorneys. Our large and broad-based membership gives ASPPA unique insight 

into current practical applications of ERISA and qualified retirement plans, with a particular 

focus on the issues faced by small- to medium-sized employers. ASPPA’s membership is 

diverse but united by a common dedication to the employer-sponsored retirement plan system.

On May 3, 2010, ASPPA filed comments in response to the Request for Information (“RFI”) on 

this issue. In our filing, we provided comments and suggestions on those questions for which the 

expertise and experience of our members is relevant and as to which we felt we could provide 

meaningful assistance to the Department of Labor and the Department of the Treasury (the 

“Agencies”).

In light of the interest shown in this issue, as measured by the number of responses to the RFI, 

we would anticipate that the amount of time allotted to each speaker at the hearing will be 

limited. As a result, we intend to focus our comments on matters relating to the Fiduciary Safe 

Harbor for Selection of Lifetime Income Issuer or Product (Issue 4 in the Notice of Hearing). 

Although our prepared remarks will primarily be limited to that issue, we would be happy to 
2

discuss any other issue we raised in our response to the RFI. The main points we intend to 

discuss and the time allotted to each are as follows: 

1. Safe harbor problems and recommendations for improvement 7 minutes

a. Issuer solvency standards and

use of experts

b. Extension to other products

c. Small plan concerns

2. Interaction with 29 CFR§ 2550.404c-1 3 minutes

a. Alternative product concerns

b. QDIA changes

c. Clarification of IB 96-1 in regard

to alternative products

We appreciate the opportunity to provide testimony on this very important matter. Please contact 

Craig Hoffman, General Counsel and Director of Regulatory Affairs at ASPPA, at (703) 516-

9300 ext. 128, if you would like any further information or otherwise have any questions about 

the matters discussed herein.

Respectfully submitted, 

/s/

Brian H. Graff, Esq., APM 

Executive Director/CEO 

/s/ 

Craig P. Hoffman, Esq., APM 

General Counsel 

/s/ 

Robert M. Richter, Esq., APM, 

Co-chair, Government Affairs Committee

/s/ 

James C. Paul, Esq., APM, Co-chair

Government Affairs Committee

/s/

Judy A. Miller, MSPA

Chief of Actuarial Issues

/s/

David M. Lipkin, MSPA, Co-chair

Government Affairs Committee

/s/

Bruce Ashton, Chair Task Force on Lifetime

Income Options for Participants and 

Beneficiaries