IRI praises latest treasury effort on lifetime income

 “This rule will provide pension plan participants with more flexibility when given the option of a lump sum or an annuity. It removes the all-or-nothing choice that these workers must make when given the option, and in doing so, it will hopefully encourage more Americans to take their benefit, at least in part, in the form of a lifetime income stream. Given the importance of lifetime income in helping Americans achieve a financially secure retirement, advancing this partial annuitization rule has been a part of our retirement security policy agenda. We applaud the Treasury Department for advancing this rule, and we thank Mark Iwry for his leadership and determination to finalize this important rule and his ongoing commitment to making lifetime income more readily available to Americans.”

 Mark Iwry is Senior Advisor to the Secretary of the Treasury and is the Deputy Assistant Secretary for Retirement and Health Policy for the U.S. Department of Treasury.