Debate: Are Lifetime Income Illustrations Helpful?
June 7, 2022 by William H. Byrnes and Robert Bloink
The Department of Labor has issued guidance on implementing the final rule of the Secure Act lifetime income illustration provisions.
Under the Secure Act, plan sponsors must disclose a participant’s account balance as both a single life annuity and joint and survivor annuity income stream. Plans must furnish lifetime income illustrations annually (or more frequently). The illustrations can be incorporated into any quarterly statement up to the second calendar quarter of 2022.