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 is a national advocacy organization that exclusively represents large employers that provide health, retirement, paid leave, and other benefits to their nationwide workforces. With member companies that are leaders in every sector of the economy, ERIC advocates on the federal, state, and local levels for policies that promote flexibility and uniformity in the administration of their employee benefit plans.