New Rule Requires Lifetime Benefit Illustrations for Retirement Plans

The U.S. Department of Labor recently issued an interim final rule requiring 401(k) and other individual account plans to annually provide participants with lifetime income illustrations of their account balances. In its new analysis of the rule, OMA Connections Partner Thompson Hine advises plan fiduciaries to reach out to their recordkeepers and third-party administrators to discuss future compliance. 9/10/2020