On Oct. 23 and 24, the Internal Revenue Service and the Department of Labor issued coordinated guidance on lifetime income provided through target date funds held by retirement plans. According to an accompanying press release from the Treasury and like the final regulations on longevity contracts issued in July, the guidance is intended to encourage and expand the availability of retirement income options in defined contribution plans. It thus continues the pattern of resolving regulatory uncertainties that can impede the utilization of these options in 401(k) and other plans.
See also: IRS increases allowable 401(k) contribution levels
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