A lot of ink has been spilled since the U.S. Department of Labor raised the issue of how to best illustrate for Americans what their retirement savings might look like, spread out over all of the years after they stop working.
Little of it has been positive.
DOL’s income tool too limiting
In its letter to the DOL, industry giant Towers Watson said it thinks the best way to educate and assist participants is through interactive modeling tools – including one created by the DOL – though TW believes the DOL’s version should include more functionality.
For its part, the Plan Sponsor Council of America believes that the safe harbor clause included in the DOL’s proposal will result in a major reduction in the availability of other retirement-income calculators – if not something more serious.