Department of Labor lays out rules for lifetime income illustrations

Description

Abstract: The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 requires the Department of Labor (DOL) to provide defined contribution plan sponsors with rules for a “lifetime income illustration” to help participants track their progress toward accumulating retirement savings. This article summarizes recently released interim final regulations that provide this guidance, though they’re still subject to fine-tuning before their ultimate effective date in mid-2021. A brief sidebar covers the regulations’ “liability relief” for plans that follow the rules.