Seven hundred letters have poured into the Office of Regulations and Interpretations at the Employee Benefits Security Administration, in response to a request for information (RFI) to assist the DOL and the Treasury in determining what steps to take to enhance retirement security for workers in employer-sponsored retirement plans.

The agencies had requested information on lifetime annuities or other arrangements that provide a stream of income after retiring.

In February, the Labor and Treasury Departments sent out the RFI, seeking comments on a broad range of topics, including:

• The advantages and disadvantages of distributing benefits as a lifetime stream of income both for workers and employers, and why lump sum distributions are chosen more often than a lifetime income option.
• The type of information participants need to make informed decisions in selecting the form of retirement income.
• Disclosure of participants' retirement income in the form of account balances as well as in the form of lifetime streams of payment.
• Developments in the marketplace that relate to annuities and other lifetime income options.

The comment period closed May 3, but as Robert Powell for Marketwatch points out, there's no clear consensus and lawmakers could face a tough time crafting new laws or regulations: