The Employee Benefits Security Administration has decided to grant an extension of the comment period on lifetime income illustrations given to participants in defined contribution plans from July 8 to Aug. 7.
The advanced notice of proposed rulemaking allows interested parties to comment on and amend language in proposed regulations.
The decision follows a June 18 letter requesting the extension, signed by the American Society of Pension Professionals and Actuaries and other signatories.
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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.
According to a ASPPA letter written to regulators, the DOL notice includes 27 technical and complex questions, many of which are time-consuming to answer.
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