The Institutional Retirement Income Council, a non-profit think tank, has come out in support of the Department of Labor's proposed rule on lifetime income illustrations.
In a letter to the DOL, William Charyk, president of the IRIC, said he believes that lifetime income illustrations and projections should be mandated as part of participants' benefit statements.
"Given the risks defined contribution plan participants face, including a lack of understanding of how much they need for retirement, how long their funds will need to last and how to spend the funds when they do retire, it is imperative that participants receive this information. To make the disclosures voluntary would be seriously detrimental to them," he said.
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