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What Employers Should Know About Lifetime Income Disclosure Requirements for Defined Contribution Plans
Thompson Coburn LLP 
[Guidance Overview] Nov. 3, 2020 "[1] Two lifetime illustrations must be provided at least annually ... [2] Contents of a benefit statement that includes a lifetime income illustration ... [3] Assumptions in calculating lifetime income illustrations ... [4] Assumptions for defined contribution plans with annuity distribution options ... [5] Deferred annuities purchased by participants are excluded from lifetime income illustrations ... [6] Interim Final Rule includes model explanatory language ... [7] No liability by reason of providing illustrations if model explanatory language is used." |
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