SECURE Act Update: Lifetime Income Illustrations Implementing FAQs

The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) made sweeping changes to retirement plan rules. Section 203 of the SECURE Act requires that plan administrators provide participants in individual account plans with benefit plan statements that also include a lifetime income disclosure. On August 18, 2020 the Department of Labor (the “DOL”) released interim final rules (“IFR”) implementing SECURE Act 203, which we previously discussed in our prior alert available here. This alert discusses the additional guidance, available here, issued by the DOL on July 26, 2021 (the “FAQs”) providing further clarification on the IFR, which will become effective on September 18, 2021.

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