Bloomberg Law
Aug. 18, 2020, 3:35 PM

DOL’s Benefits Agency Releases Lifetime Disclosure Rule

Jaclyn Diaz
Jaclyn Diaz

Employers that sponsor retirement plans, such as 401(k) plans, will be required to give participants benefits statements detailing what they can expect in monthly retirement income under a new interim final rule published by the Labor Department.

Under this rule published Tuesday by the Employee Benefits Security Administration, plan administrators would show participants equivalents of their retirement savings as monthly income under two options: as a single life income stream or a separate income stream that factors in a survivor benefit, like a spouse.

The rule is part of several regulatory changes required under the Setting Every Community Up for ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.