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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.