Industry suggests tweaks to DOL lifetime-income proposal

08/8/2013 | ThinkAdvisor

Retirement-industry officials have suggested changes to the U.S. Labor Department's proposal that defined-contribution plans provide participants with lifetime-income illustrations. The Insured Retirement Institute and the American Society of Pension Professionals and Actuaries have expressed support for the plan, but ASPAA is calling for DOL to set specifics and a "safe harbor" for calculating rates of return. ASPAA also suggested an online calculator that accounts for other sources of retirement income.

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