Lifetime Income Illustrations for 401(k)s Required

A DOL interim final rule, effective today, requires plan administrators of participant-directed individual accounts (e.g., 401(k) plans) to provide lifetime income illustrations (what the current account balance would produce in lifetime income). This must be incorporated into a benefit statement not later than the second quarter of 2022 (ending June 30, 2022). The DOL has model language for lifetime income illustrations in the interim final rule. #IdeaoftheDay