Article On Baby Boomers And The Distribution Phase Of Defined Contribution Retirement Plans

Richard L. Kaplan (University of Illinois College of Law) recently published an article entitled, What Now? A Boomer’s Baedeker for the Distribution Phase of Defined Contribution Retirement Plans, University of Illinois College of Law Legal Studies Research Paper No. 16-6 (2015). Provided below is an abstract of the article:

Baby Boomers head into retirement with various retirement-oriented savings accounts, including 401(k) plans and IRAs, but no clear pathway to utilizing the funds in these accounts. This Article analyzes the major factors and statutory regimes that apply to the distribution or “decumulation” phase of defined contribution retirement arrangements. It begins by examining the illusion of wealth that these largely tax-deferred plans foster and then considers how the funds in those plans can be used to: (1) create regular income; (2) pay for retirement health care costs, including long-term care; (3) make charitable donations; and (4) provide resources to those who survive the owners of these plans.