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On May 8, the Department of Labor (DOL) published proposed rules for modifying DC plan participants’ annual benefit statements. In addition to showing benefit accruals, the rule could require an estimate of the “lifetime stream of payments” in retirement. The proposed rule and related information are at www.dol.gov/ebsa.

DOL lifetime income calculator
The Department of Labor’s Lifetime Income Calculator.

DOL is going down this road because it believes “participants may have difficulty envisioning the lifetime monthly income that can be generated from an account balance.” The best way to understand EBSA’s methodology is to test its calculator.

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