DOL is considering requiring defined contribution plans to provide lifetime income illustrations on benefit statements

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05/14/2013 by Human resource services
DOL is considering requiring defined contribution plans to provide lifetime income illustrations on benefit statements

At a glance

The Department of Labor (DOL) issued advance notice of proposed rulemaking on new disclosure requirements on lifetime income illustrations on defined contribution plan benefit statements.

The Department of Labor (DOL) recently issued an advance notice of proposed rulemaking that describes new disclosure requirements that would require lifetime income illustrations on defined contribution plan benefit statements. This is the second phase in the process — in 2010, the Department issued a request for information (RFI) regarding lifetime income options for participants and beneficiaries in retirement plans. The DOL has refined the questions for which it is now seeking additional comments prior to the issuance of proposed regulations.