The Insured Retirement Institute (IRI) testified before the Internal Revenue Service during a public hearing today on proposed regulations related to purchasing longevity annuity contracts under tax-qualified defined contribution plans.
Michael Oleske, chief tax counsel for New York Life Insurance Company, speaking on behalf of the IRI, said that the organization and its members support the proposed regulations and the additional guidance that accompanied them.
The IRI supports the proposed regulations because of what they would mean for retirement security. According to Oleske's testimony, 79 million baby boomers have reached or are nearing retirement and the nation as a whole is facing a potential retirement crisis. The number of retirees over the next couple of decades will tax Social Security and Medicare because there will be fewer workers to support those retirees' benefits.
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