The Department of Labor has issued new guidance in a field assistance bulletin to clarify existing safe harbor rules for immediate and deferred annuities in defined contribution plans.
The new guidance comes as the DOL is in the process of considering amendments to safe harbor regulations issued in 2008.
Those safe harbor standards said a plan trustee satisfies their fiduciary obligations under the Employee Retirement Income Security Act if they appropriately consider "information sufficient to assess the ability of the annuity provider to make all future payments under the contract," among other safe harbor provisions relating to ERISA's self-dealing, conflict-of-interest and reasonable fee provisions.
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