Labor Agency Open to Pension De-Risking Guidance Revisions (1)

The Labor Department is open to considering amendments to its 30-year-old guidance for pension plans offloading their assets to insurance companies, according to a new report to Congress.

The DOL sent the long-overdue report on pension risk transfers to lawmakers on Monday, highlighting the need to determine whether Interpretive Bulletin 95-1 needs revision.

The existing guidance first issued in 1995 requires pensions to choose the “safest available annuity” when de-risking in order to protect assets in the plan, but significant industry developments since have led consumer activists to fear participants and beneficiaries are still at risk.

Pension risk transfers hit ...