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DOL/EBSA | RIN: 1210-AB20 | Publication ID: Fall 2022 |
Title: Pension Benefit Statements-Lifetime Income Illustrations | |
Abstract:
Section 105 of the Employee Retirement Income Security Act (ERISA) requires plans that are subject to ERISA to automatically provide participants and certain beneficiaries with individual pension benefit statements. Generally, defined benefit plans must provide the statement every three years, with an annual alternative. Individual account plans that permit participant direction of investments must provide the statement quarterly, and individual account plans that do not permit participant direction of investments must provide the statement annually. Section 203 of the Setting Every Community Up for Retirement Enhancement Act of 2019 amended section 105 of ERISA to add a lifetime income illustration to pension benefit statements furnished to participants in certain defined contribution plans. |
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Agency: Department of Labor(DOL) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 29 CFR 2520 | |
Legal Authority: 29 U.S.C. 1025 Pub. L. 109-280, sec. 508, Pension Protection Act of 2006 29 U.S.C. 1135 Pub. L. 116-94. sec. 203, Setting Every Community Up for Retirement Enhancement Act of 2019 |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Jeffrey J. Turner Deputy Director, Office of Regulations and Interpretations Department of Labor Employee Benefits Security Administration Room N5669, 200 Constitution Avenue NW, FP Building, Room N-5655, Washington, DC 20210 Phone:202 693-8500 |