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
On July 26, 2021, the Department of Labor (Department) issued frequently asked questions (FAQs) regarding the interim final rule (IFR) on lifetime income illustrations (LIIs) that must be included in participants’ pension...more
The US Department of Labor (DOL) unveiled an interim final rule (the “Lifetime Income Disclosure Rule”) that adds a new lifetime income disclosure requirement for administrators of defined contribution plans (e.g., plans...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
Earlier this year, we discussed the lifetime income disclosure requirement that was included in the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). When the disclosure requirement becomes...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
As required by the SECURE Act of 2019, the U.S. Department of Labor (DOL) published an interim final rule requiring plan administrators of individual account plans (including 401(k) plans, 403(b) plans and other defined...more
The US Department of Labor issued an Interim Final Rule on August 18 to implement “lifetime income illustrations,” which must be provided to defined contribution plan participants pursuant to the Setting Every Community Up...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 required, for the first time, that administrators of defined contribution plans (such as 401(k) plans) provide participants with disclosures...more
In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...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