The past week has seen a flurry of letters to the Department of Labor regarding its proposed rule on lifetime income illustrations for defined contribution plan participants. The Insured Retirement Institute and the American Society of Pension Professionals & Actuaries are now the latest to weigh in.
The IRI said it supports the DOL’s focus on guaranteed lifetime income products and strategies. Like other industry organizations that have commented on the proposed rule, the IRI believes more flexibility is needed. Instead of compelling everyone to use the same assumptions in their calculations of lifetime income for participants, they should be able to use different retirement ages and include outside savings in their calculations, it said.