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ARTICLE · 31 MAY 2013

Selecting An Annuity Provider: Part II

Drinker Biddle & Reath LLP
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Selecting an annuity provider for a defined contribution plan may seem more difficult than other fiduciary decisions.

United StatesEmployment and HR
Frederick Reish
Frederick Reish
Bruce Ashton
Bruce Ashton

Selecting an annuity provider for a defined contribution plan may seem more difficult than other fiduciary decisions. In this article, we discuss whether this perception of the fiduciary's obligation is correct and then identify some of the information a fiduciary should review in making the selection.

In the October 2012 Retirement Income Team newsletter, we discussed the DOL fiduciary safe harbor for selecting an annuity provider for defined contribution plans. We noted that, while the regulation is helpful in describing the fiduciary process, it does not identify specifically what fiduciaries should look at.

As background, under ERISA fiduciaries must act prudently in selecting investments, products and services. This process entails engaging in an "objective,

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