Search
 

Congress likes 401(k) income disclosure requirements more than plan sponsors

Some say income disclosures expose plan sponsors and service providers to future liability under ERISA, even though versions of LIDA, including the most recent, include language relieving anyone involved with plan administration from fiduciary liability.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
In theory, estimates of future retirement income encourage participants to do more aggressive deferrals to make up for savings shortfalls. (Photo: Getty)

Bipartisan, companion legislation recently introduced in Congress would require the Labor Department to dust-off a retirement policy proposal that first circulated in the early days of the Obama Presidency.

The Lifetime Income Disclosure Act of 2017 is the latest legislative effort that would amend the Employee Retirement Income Security Act to mandate annual income disclosures on 401(k) and other defined contribution account documents.

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

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com 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 BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

More from this author

Recommended Stories

Voluntary products in a COVID-19 world

Erin Marino and Nick Rockwell |

Most employers already understand that employees need voluntary insurance products now more than ever.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.