PODCAST: Williams Mullen's Benefits Companion - Understanding Lifetime Income Products
DOL Clarifies Timing of Lifetime Income Disclosures in Benefit Statements
PODCAST: Williams Mullen's Benefits Companion - Back to the Future: SECURE Act and SECURE Act 2.0
On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Ken Barnes, senior investment consultant with SageView Advisory Group, who discusses lifetime income products which are designed to help...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) includes a requirement that benefit statements issued by ERISA-governed defined contributions plans include lifetime income...more
Lifetime Income Disclosure Requirement. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), enacted December 20, 2019, added a new annual disclosure requirement for benefit statements to...more
The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As part of our ongoing efforts to summarize key provisions of the SECURE Act that may...more
The Department of Labor (DOL) released regulations that require retirement plan sponsors to attach on participants’ account statements an estimate of how much monthly income their accrued account balance would produce when...more
The U.S. Department of Labor (“DOL”) on August 18, 2020, issued an interim final regulation (the “Regulation”) requiring the inclusion of lifetime income illustrations in the benefit statements provided to participants in...more
The SECURE Act of 2019 made three statutory changes to ERISA regarding lifetime income benefit payments from defined contribution plans (e.g., 401(k), 403(b), profit sharing, and money purchase pension plans). This blog will...more
On Tuesday, August 18, 2020, the DOL published an interim final regulation... detailing how plan fiduciaries can satisfy the SECURE Act’s requirement that individual account plans add a “lifetime income disclosure” to at...more
As the U.S. private retirement system has largely shifted away from traditional pensions in favor of a defined contribution plan savings model, a number of policymakers have expressed concerns over whether participants’...more
On Thursday, December 19, the Senate passed two spending bills to fund the government through September 30, 2020, one of which (H.R. 1865, the “Further Consolidated Appropriations Act of 2020” or the “Act”) contains the...more