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June 22, 2012
DOL to Propose Lifetime Income Be Illustrated in Pension Statements
The U.S. Department of Labor is continuing to research and develop ways to help workers make their pension savings last throughout Download Now
According to the June 21, 2012 DOL Newsletter, Borzi said the Department will soon propose a way for workers to see lifetime income illustrations in their pension statements. The 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.
In addition, the Department is studying ways to make it easier for plan sponsors to offer annuity-like payments from pension accounts, including individual 401(k) accounts. That initiative is taking shape and could be out within the year, Borzi stated.