Final longevity annuity regulations clear path for future growth
July 14, 2014 by Robert Bloink, William H. Byrnes
Recently, the Treasury Department issued final regulations governing qualified longevity annuity contracts (QLACs) that are likely to cause sparks to fly in the annuity industry in the coming years. While many of the final QLAC provisions mirror those found in the proposed regulations that were issued more than two years ago, the final regulations have made the Treasury’s commitment to expanding access to this valuable type of longevity insurance clearer than ever. Clients looking to minimize their required distributions from qualified plans while simultaneously securing retirement income late in life have been waiting since early 2012 for these rules, but the expansive final regulations are likely to appeal to a much wider client group who will need to pay attention to the details, both now and in the coming months. Click here to read…
