American Federation of Labor and Congress of Industrial Organizations

EXECUTIVE COUNCIL

815 Sixteenth Street, N.W. RICHARD L. TRUMKA ELIZABETH H. SHULER ARLENE HOLT BAKER
Washington, D.C. 20008 PRESIDENT SECRETARY-TREASURER EXECUTIVE VICE PRESIDENT
(202) 637-5000
woaw.aflcio.org Gerald W. McEntee Michael Sacco Frank Hurt Patricia Friend
Michael Goodwin William Lucy Robert A. Scardelletti. —R. Thomas Butfenbarger
Michael J. Sullivan Harold Schaitberger Edwin D. Hill Joseph J. Hunt
Clyde Rivers Cecil Roberts William Burrus Leo W. Gerard
James Williams Vincent Giblin William Hite John Gage
Larry Cohen Warren George Gregory J. Junemann Laura Rico
Robbie Sparks Nancy Wohiforth James C. Little Capt. John Prater
Rose Ann DeMoro Mark H. Ayers Richard P. Hughes Jr. Fred Redmond
Matthew Loeb Randi Weingarten Rogelio "Roy" A. Flores Fredric V. Rolando
Diann Woodard Patrick D. Finley Malcolm B. Futhey Jr. Newton B. Jones
D. Michael Langford Robert McElirath Roberta Reardon DeMaurice F. Smith
Baldemar Velasquez John W. Withelm Ken Howard James Boland
Bruce R. Smith Bob King General Holiefield Lee A, Saunders
James Andrews Maria Elena Durazo

August 16, 2010

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

Re: Lifetime Income Joint Hearing—Request to Testify and Outline
Ladies and Gentlemen:

As set forth in the Notice of Hearing issued by the Department, together with the
Department of Treasury (75 Fed. Reg. 48367, August 10, 2010), the AFL-CIO submits this
written request to be heard at the public hearing scheduled to begin on September 14, 2010 and
an outline of the topics to be discussed. As indicated in the outline, the specific issues to be
addressed are participant concerns affecting the choice of lifetime income and the disclosure of
account balances as monthly income streams.

If you have any questions about the enclosed outline or need any additional information,
please do not hesitate to contact me at (202) 637-5169.

Sincerely,
-_

~

LY LA g
/Katin S. Feldinan”
“ Benefits and Social Insurance Policy Specialist



Employee Benefits Security Administration
U.S. Department of Labor

Internal Revenue Service
U.S. Department of Treasury

Public Hearing on
Certain Issues Relating to Lifetime Income Options
for Participants and Beneficiaries in Retirement Plans
September 14, 2010

Outline of Topics for AFL-CIO Testimony
1. The Need to Address Retirement Security Crisis (1 Minute)

I. Issue 1—Participant Concerns Affecting the Choice of Lifetime Income (4 Minutes)

A. Review of Key Concerns (2 Minutes)
Long-Term Viability of Lifetime Income Provider
Loss of Control, Access and Legacy

B. Addressing Concerns (2 Minutes)
Education
Distribution Options—Partial Annuitization
Other Recommendations

Ill. Issue 3—Disclosure of Account Balances as Monthly Income Streams (3 Minutes)
A. Support for Monthly Income Stream Disclosure
B. Accrued Balance as Basis for Disclosure
C. Disclosure and Explanation of Assumptions and Associated Uncertainty
D.

. Support for Governmental Agency Preparation of Model or Guidelines

TV. — Conclusion (1 Minute)