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Text of EBSA Fact Sheet: Pension Benefit Statements -- Lifetime Income Illustrations
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
[Guidance Overview]
Aug. 18, 2020

"The interim final rule [IFR] is for defined contribution plans that are required, under the new SECURE Act provisions, to include two lifetime income illustrations on participants' pension benefit statement at least once every 12 months.... The IFR also provides the public an opportunity to comment on the IFR's methodologies, requirements, and model language before publication of a final rule.... EBSA believes that illustrating a participant's account balance as a stream of estimated lifetime payments, in accordance with the IFR, will help workers in defined contribution plans to better understand how their account balance translates into monthly income in retirement and therefore to better prepare for retirement."

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