The US Department of Labor (DOL) published in the September 18 Federal Register its Interim Final Rule (Rule) to implement “lifetime income illustrations,” which must be provided to defined contribution plan participants pursuant to the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). With this publication, the Rule is set to become effective on September 18, 2021, and apply to pension benefit statements furnished after this date. The deadline for comments to be submitted to the DOL regarding the Rule is November 17, 2020.
For a summary of the key provisions of the Rule and some of our preliminary observations, please see our recent LawFlash.