View Rule

Section 508 of the Pension Protection Act of 2006 (PPA) amended section 105 of the Employee Retirement Income Security Act (ERISA) to require 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 must provide the statement quarterly, and individual account plans that do not permit participant direction must provide the statement annually. The proposal will focus on one aspect of individual pension benefit statements, i.e., the addition of a lifetime income illustration on individual pension statements, in addition to presenting the benefits as an account balance.