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Text of DOL Interim Final Rule: Pension Benefit Statements -- Lifetime Income Illustrations (PDF)
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Official Guidance]
Aug. 18, 2020

112 pages. "The [DOL] is publishing an interim final regulation regarding the information that must be provided on pension benefit statements required by section 105 of [ERISA, as amended by the SECURE Act]. When applicable, the interim final regulation requires plan administrators of ERISA defined contribution plans to express a participant's current account balance, both as a single life annuity and a qualified joint and survivor annuity income stream. These two income stream illustrations, which must be on the same pension benefit statement, will help participants better understand how the amount of money they have saved so far converts into an estimated monthly payment for the rest of their lives, and how this impacts their retirement planning.

"The regulation provides plan administrators with a set of assumptions to use in preparing the lifetime income illustrations, as well as model language that may be used for benefit statements by plan administrators who wish to obtain relief from liability for the illustrations. The interim final regulation also requests comments from interested parties on the requirements and methodologies of the regulation....

"This interim final rule is effective [one year after date of publication in the Federal Register] and shall apply to pension benefit statements furnished after such date.... Written comments on the interim final rule must be received by [60 days after date of publication in the Federal Register]."

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