closeup of glasses on paper with numbers (Photo: Shutterstock)

A new disclosure requirement for ERISA-covered defined contribution plans requires compliance starting this year, and some remaining uncertainty shouldn’t prevent ERISA-covered defined contribution plan sponsors from taking action.

Specifically, Section 203 of The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) amended ERISA to require plan sponsors to provide participants with a lifetime income disclosure at least annually. This new disclosure estimates the monthly income that a participant’s plan account balance could produce if paid in a qualified joint and survivor annuity or single life annuity stream of payments, rather than in a lump-sum payment. These two income stream illustrations must be included on the benefit statement that participants are otherwise entitled to receive.

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

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

  • Critical 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

Already have an account?


© 2023 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.


Join BenefitsPRO

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

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

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.