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.