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LEGAL ISSUES ON THE DECUMULATION PHASE FOR DC PLAN MEMBERS
A DC plan member generally must choose from several basic ways in which to use his or her plan retirement account to provide retirement income, with the goal of not outliving his or her retirement account balance. In order to enjoy a reasonably certain level of retirement income a DC plan member will have to understand and manage a number of risks, including:
- investment risk,
- longevity risk, and
- inflation risk.
The panel will discuss a variety of topics including:
- the different approaches to management of these risks, and the insights gained from experiences so far in the 4 jurisdictions covered by the panel of speakers
- constraints imposed by tax rules in the jurisdiction in question as to what decumulation options are available
- the risk to plan fiduciaries and employers of liability in the decumulation phase
- liability for information to plan members on decumulation investment strategies and withdrawal rates
- some of the challenges of collective risk sharing in a transparent way
MODERATOR: Philip Bennett, Durham University, UK
PANELISTS: Michael Wolpert, Fasken, Canada, Sandy Maudgil, Slaughter and May, UK, Ruth Stringer, Herbert Smill Freehills, AU, Susan Wetzel, Hayes and Boone, USA