Proposed Qualified Longevity Annuity Contracts
Published on:
May 3, 2012
Issue:
SIFMA provides comments to the Internal Revenue Service (IRS) on the IRS’s proposal which would permit tax-qualified defined contribution plans (DCPs) under section 401(a) of the Internal Revenue Code (IRC), section 403(b) plans, eligible governmental section 457 plans and Individual Retirement Arrangements (IRAs) under section 408 to purchase longevity annuities using a certain amount of an account balance, Reg-115809-11. Provisions in the proposal create the term “qualified longevity annuity contract” (QLAC). SIFMA offers its expertise in developing the proposal further, which would provide increased flexibility for retirement planning.