The U.S. Department of Labor's Employee Benefits Security Administration is considering regulations governing the use of lifetime income illustrations that are given to participants in defined contribution pension plans.
It is seeking providers to help give clearer detail on retirement funds for enrollees. These illustrations would allow workers to gauge the amount of money they might need in retirement and to accordingly adjust their savings habits and investment strategies, DOL officials have said.
The DOL is looking for input on a rule that would require a participant's accrued benefits to be included on his or her pension benefit statement as an estimated lifetime stream of payments, in addition to an account balance. Pension plans such as 401(k) and 403(b) plans would be affected.
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