The American Society of Pension Professionals and Actuaries is hoping the government will give it more time to respond to proposed rules on lifetime income illustrations in employee benefit statements.
The deadline is now July 8.
Participants in defined benefit pension plans have a pretty good idea what their benefit will be when they retire. Not so for participants in defined contribution plans, whose balances suffered in the 2008 financial meltdown. The Department of Labor's Employee Benefits Security Administration proposed rules are intended to show participants how much lifetime income their balances will provide as an annuity.
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