Viewpoints about Participant communications
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What are the lifetime income illustrations on my 401(k) statement?
If you’re saving in a defined contribution (DC) retirement plan, you receive a quarterly statement that shows your account balance and investments. To help you see how much monthly income your account balance will generate, your statement will start including two lifetime income illustrations.
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A guide to 408(b)(2) fee disclosures for retirement plan sponsors
ERISA Section 408(b)(2) stipulates that covered service providers must disclose information about their services and fees in writing to the plan’s fiduciaries. And as a fiduciary, you must evaluate the disclosures and determine whether the cost of services provided by the plan’s CSPs is reasonable.
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When are participant change notices required under ERISA 404a-5?
Being a plan sponsor comes with administrative and fiduciary duties. Knowing whether a retirement plan event triggers the need to send a change notice or not is one of those confusing areas that can require guidance. This guide can help you understand your requirements beyond the annual and quarterly notices.
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Interim final rule on the SECURE Act’s lifetime income illustrations for defined contribution plans
The DOL has issued new lifetime income disclosure rules for defined contribution plans.
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