Lifetime Income Disclosure

[Remote Kathleen]

Our company is small and deals with small plans.  Are there other TPAs out there that have non-participant directed funds that need the new lifetime income disclosure coming up in September?  We also have fiscal plan year ends, and I have several 9/30 plans.   What type of solution have you found for this or are you already using a product that will produce this disclosure?  Thanks for your help!

[Pam Shoup]

You want may to check with your software provider that you use to provide the plan testing/produce your current statements.  They may be planning on adding a statement option with the lifetime dislcosure.

If not, you may need to outsource the service.  If you use Relius, they have a statement providing service that you can use.  Since we do recordkeeping of partcipant directed plans, we use SS&C for our quarterly reports, and we can add our annually valued plans to our quarterly plans extracts and produce the new version of the statements.  Broadridge also has a service for statements.

I am interested to hear if anyone else is using any other statement companies.

 

[JOH]

can someone provide the link IRS is requiring for this disclosure, thanks

[Lou S.]

https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/pension-benefit-statements-lifetime-income-illustrations

[Gilmore]

FT William says they will be updating their system to allow for the required information to appear on their statements, if that is of any help.  Hopefully that can be accomplished before the first statements are required, which even for a September year end would not be until summer of next year, right?

[ESOPMomma]

https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/faqs/temporary-implementing-faqs-lifetime-income-interim-final-rule.pdf