The Department of Labor’s Employee Benefits Security Administration (EBSA) announced an interim final rule (IFR) for administrators of defined contribution retirement plans, such as 401(k) plans. EBSA is issuing the rule in response to the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). The interim final rule is for defined contribution plans that are required, under the new SECURE Act provisions, to include two lifetime income illustrations on participants’ pension benefit statement at least once every 12 months. The IFR reflects amendments made to section 105 of the Employee Retirement Income Security Act (ERISA) by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The IFR also provides the public an opportunity to comment on the IFR’s methodologies, requirements, and model language before publication of a final rule.
Please find here the informational summary of the IFR. The IFR can be found here and the IFR Fact Sheet can be found here.