Practitioner Tells IRS Assurance From DOL Would Be Helpful on QLACs

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A Treasury Department proposal to create qualified longevity annuity contacts is necessary but insufficient to get employers to offer workplace retirement savings plans that also provide annuitized retirement income for workers, a representative of the Defined Contribution Institutional Investment Association testifies at a regulatory hearing. Employers remain concerned by a lack of assurance from the Department of Labor that it fully supports Treasury's proposed regulation, Drew Carrington, chair of DCIIA's Retirement Income Committee, tells a panel of Treasury and IRS officials at the hearing.