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

HRS Insight

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.

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