RSPGH18 Posted March 21, 2022 Posted March 21, 2022 My understanding is for self directed 401(k) accounts - that the Income illustrations must be reflected on the June 30th statement. What are administration firms doing that have plans that utilize brokerage accounts? I do not believe broker dealers and going to show the illustrations and the simple answer is to make sure the compliance reporting and statements are prepared before June 30th (for those plans not utilizing a nice recordkeeping platform). However, that might not be that simple for my firm to accommodate (a. need to identify these particular plans, b. document restatements due) - Just wondering if anyone had any creative thoughts they are willing to share, heard if it might get extended, would doing by 10/15 in these cases be considered okay?, etc. Thanks in advance for any comments.
Peter Gulia Posted March 21, 2022 Posted March 21, 2022 Another BenefitsLink discussion raises the same worry. https://benefitslink.com/boards/index.php?/topic/69012-lifetime-income-illustrations/ ERISA imposes the new requirement on a plan’s administrator. For a typical single-employer retirement plan, the employer is the plan’s administrator. If an employer did not ask its own employee-benefits lawyer, an employer might be unaware of the new requirement. When an employer/administrator learns of the new requirement (and that no recordkeeper offers a service to meet it), the administrator likely would seek a service from its third-party administrator. ugueth and acm_acm 2 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
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