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Lifetime Income Disclosures for Defined Contribution Plans
Vorys Link to more items from this source
[Guidance Overview]
Sept. 8, 2020

"[M]any participants will be confused by an estimate that says it assumes that the benefit payment begins on the last day of the statement period but that calculates the payment amount assuming that the participant is age 67 on that date. A 45 year old participant could not purchase an annuity that would begin on the calculation date and that would be remotely close to the estimate values.... Fiduciaries of plans that use the IFR assumptions and provide the model benefit statement insert will get liability relief from claims arising out of the disclosures. "

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