Department of Labor Confirms Effective Date of Lifetime Income Disclosure Rules

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 illustrations and explanations. We previously discussed these rules, both generally and when the Department of Labor issued Interim Final Rules to implement the disclosure requirements....
By: Foley & Lardner LLP