Disclosure Required: Lifetime Income Estimates on Defined Contribution Plan Benefit Statements
By EsqSocial Corporation 08/02/21
The US Department of Labor (DOL) unveiled an interim final rule (the “Lifetime Income Disclosure Rule”) that adds a new lifetime income disclosure requirement for administrators of defined contribution plans (e.g., plans covered by Internal Revenue Code (Code) section 401(k) or Code section 403(b), profit-sharing plans and employee stock ownership plans). The Lifetime Income Disclosure Rule implements the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE...
By: McDermott Will & Emery