401(k) - The U.S. Labor Department wants your ideas

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401(k) - The U.S. Labor Department wants your ideas

Postby fcirullo » Fri May 10, 2013 11:47 am

Note: This is an opportunity for you to provide input into the development of new regulations.

The U.S. Labor Department wants your ideas on the best ways to improve 401(k) and 403(b) plan statements so that they show workers what their savings could look like when stretched over the course of retirement. Your input will be used by the DOL to create Lifetime income illustrations that would be given to participants in defined contribution retirement plans, such as 401(k) and 403(b) plans.
-- See an example of a Lifetime Income Calculator that you may use to either improve on or come up with your own ideas for employer 401(k) and 403(b) plan statements: http://www.askebsa.dol.gov/lia/home

The Advance Notice of Proposed Rulemaking was published in the Federal Register:
-- Read the news release: http://www.dol.gov/ebsa/newsroom/2013/13-716-NAT.html
-- Read how and where to provide your input: http://www.dol.gov/find/20130507/2013-10636.pdf
-- Read the DOL's Blog Post: http://social.dol.gov/blog/making-a-lif ... ings-last/

Edited on 05/10/2013 to fix a link.
Last edited by fcirullo on Fri May 10, 2013 11:58 am, edited 1 time in total.
Frank R. Cirullo | | "It isn't what we don't know that gives us trouble, it's what we know that ain't so." -- | Will Rogers
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Re: 401(k) - The U.S. Labor Department wants your ideas

Postby Random Musings » Fri May 10, 2013 11:55 am

Darn, I was hoping the DOL would want our input on how to improve the 401K system, like how people with crummy plans could have to option to use the government plan with those nice low costs and basic index funds.

Then, those pretty little charts would have higher balances at the start of retirement. IMHO, that would be a constructive development.

All this will do is to increase costs which ultimately will be passed on to the consumer. But provide some CYA for the industry.

Pathetic.

RM
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Re: 401(k) - The U.S. Labor Department wants your ideas

Postby fcirullo » Fri May 10, 2013 12:06 pm

Random Musings wrote:Darn, I was hoping the DOL would want our input on how to improve the 401K system, like how people with crummy plans could have to option to use the government plan with those nice low costs and basic index funds.RM

You may submit your ideas by one of the following methods:

-- Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.

-- Email: e-ORI@dol.gov. Include RIN 1210-AB20 in the subject
line of the message.

-- Mail: Office of Regulations and Interpretations, Employee
Benefits Security Administration, Room N-5655, U.S. Department of
Labor, 200 Constitution Avenue NW., Washington, DC 20210, Attention:
Pension Benefit Statements Project.

Instructions: All submissions received must include the agency name
and Regulation Identifier Number (RIN) for this rulemaking. Comments
received will be posted without change to http://www.regulations.gov
and http://www.dol.gov/ebsa, and made available for public inspection
at the Public Disclosure Room, N-1513, Employee Benefits Security
Administration, 200 Constitution Avenue NW., Washington, DC 20210,
including any personal information provided. Persons submitting
comments electronically are encouraged not to submit paper copies.
Frank R. Cirullo | | "It isn't what we don't know that gives us trouble, it's what we know that ain't so." -- | Will Rogers
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