Lifetime Income Language Should be Voluntary, Not Required

For Immediate Release

Washington, DC – The following statement should be attributed to Will Hansen, senior vice president of retirement policy, The ERISA Industry Committee (ERIC):

“The ERISA Industry Committee –the only national trade association that advocates for large employers on retirement policy at the federal, state and local levels– applauds the Senate Finance Committee for focusing on retirement security in America. While we are grateful that the Chairman’s mark includes provisions to expand automatic enrollment, we are extremely concerned that the mark includes a mandate to include lifetime income language on retirement plan statements, which will only drive up costs to administer a plan and lead to confusion among participants. Plan Sponsors should be allowed to voluntarily choose to include this language on statements based on the distribution options available to participants.”

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All media inquiries to The ERISA Industry Committee should be directed to:

Kelly Broadway, 202.627.1918, kbroadway@eric.org

About the ERISA Industry Committee
ERIC helps America’s largest employers stay ahead of employee benefit policy. ERIC member companies are leaders in every sector of the economy, and we represent them in their capacity as sponsors of employee benefit plans for their own workforce. Only ERIC provides the combination of intel, expertise, collaboration, and lobbying that exclusively serves the interests of large employers who provide health, retirement, and compensation benefits to their nationwide workforce.