Agency Affected: Department of Labor
Status: Open
Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Recommendation: As DOL and Treasury continue their efforts to determine the actions needed to enhance the retirement security of 401(k) plan participants, DOL and Treasury should consider the approaches taken by other countries to formalize access to multiple spend-down options for U.S. plan participants that address varying retirement risks and needs. To the extent possible, lessons from other countries should be used to help DOL and Treasury ensure plan sponsors have information about their flexibilities and the ability to facilitate access to a mix of appropriate options for 401(k) plan participants.
Agency Affected: Department of the Treasury
Status: Open
Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Recommendation: As DOL considers changes to participant benefit statements and other disclosures, the Secretary of DOL should consider strategies other countries have employed to help participants make sound decisions, such as providing timely information at or before retirement about available spend-down options and projections of future retirement income.
Agency Affected: Department of Labor
Status: Open
Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Recommendation: As DOL continues to review regulatory barriers to lifetime income options for 401(k) plan participants it should consider other countries' approaches to plans offering annuities, such as their reliance on existing solvency requirements and insurance industry standards to provide assurances rather than place responsibility on plan sponsors to make an assessment of an annuity provider's financial stability. As DOL considers the approaches of other countries and continues to work with the National Association of Insurance Commissioners, which facilitates interactions between insurance companies and state insurance regulators, DOL may wish to consult with the Federal Insurance Office, which coordinates federal efforts on prudential aspects of international insurance matters.
Agency Affected: Department of Labor
Status: Open
Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
Pages: 1 · 2
More Articles
- GAO Report, Older Households: Comparison of Income, Wealth, and Survival in the United States with Selected Countries
- On Earth Day Find Your 'Local' Waterkeeper Organization; Biden's National Climate Task Force
- Diane Girard Writes: Survival Against the Odds; The Hardy Charm of The Independent Book Store
- WWII, People's War, An Archive of of World War II Memories, Written by the Public, Gathered by the BBC: Women's Volunteer Groups
- GAO: COVID-19 Complicates Already Challenged FDA Foreign Inspection Program; It Could Be 2 to 3 Years Before New Staff Are Experienced Enough To Conduct Foreign Inspection
- GAO** Reports: Electronic Cigarettes - US Imports and the Value of US E-cigarette Imports was $2.4 billion; CDC and FDA Campaigns
- On the Buses with Older Warrior Women
- The Bodleian Library and Worldmapper Create a Cartogram Depicting Trump's Tweets and Countries that Dominate US President's Foreign Policy
- "Fed Listens", How Does Monetary Policy Affect Your Community? "Our goal is to keep inflation around 2 percent over time"
- Federal Reserve Speech by Lael Brainard: What Are We Learning about Artificial Intelligence in Financial Services?