{"abstract":"The Department of Labor (Department) is publishing an interim final regulation regarding the information that must be provided on pension benefit statements required by section 105 of the Employee Retirement Income Security Act of 1974, as amended (ERISA). This regulation reflects amendments made to ERISA section 105 by the Setting Every Community Up for Retirement Enhancement Act of 2019. When applicable, the interim final regulation requires plan administrators of ERISA defined contribution plans to express a participant's current account balance, both as a single life annuity and a qualified joint and survivor annuity income stream. These two income stream illustrations, which must be on the same pension benefit statement, will help participants better understand how the amount of money they have saved so far converts into an estimated monthly payment for the rest of their lives, and how this impacts their retirement planning. The regulation provides plan administrators with a set of assumptions to use in preparing the lifetime income illustrations, as well as model language that may be used for benefit statements by plan administrators who wish to obtain relief from liability for the illustrations. The interim final regulation also requests comments from interested parties on the requirements and methodologies of the regulation.","action":"Interim final rule with request for comments.","agencies":[{"raw_name":"DEPARTMENT OF LABOR","name":"Labor Department","id":271,"url":"https://www.federalregister.gov/agencies/labor-department","json_url":"https://www.federalregister.gov/api/v1/agencies/271","parent_id":null,"slug":"labor-department"},{"raw_name":"Employee Benefits Security Administration","name":"Employee Benefits Security Administration","id":131,"url":"https://www.federalregister.gov/agencies/employee-benefits-security-administration","json_url":"https://www.federalregister.gov/api/v1/agencies/131","parent_id":271,"slug":"employee-benefits-security-administration"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/09/18/2020-17476.html","cfr_references":[{"chapter":null,"citation_url":null,"part":2520,"title":29}],"citation":"85 FR 59132","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective date. This interim final rule is effective on September 18, 2021, and shall apply to pension benefit statements furnished after such 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16:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-09-18/pdf/2020-17476.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-17476.pdf?1600346712","publication_date":"2020-09-18","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/09/18/2020-17476.txt","regulation_id_number_info":{"1210-AB20":{"issue":"202210","html_url":"https://www.federalregister.gov/regulations/1210-AB20/pension-benefit-statements-lifetime-income-illustrations","title":"Pension Benefit Statements-Lifetime Income Illustrations","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202210&RIN=1210-AB20&operation=OPERATION_EXPORT_XML","priority_category":"Economically Significant"}},"regulation_id_numbers":["1210-AB20"],"regulations_dot_gov_info":{"supporting_documents":[],"regulatory_plan":{"html_url":"https://www.federalregister.gov/regulations/1210-AB20/pension-benefit-statements-lifetime-income-illustrations","title":"Pension Benefit Statements-Lifetime Income Illustrations"},"comments_count":38,"agency_id":"EBSA","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=EBSA-2020-0009","supporting_documents_count":0,"docket_id":"EBSA-2020-0009","document_id":"EBSA-2020-0009-0001","regulation_id_number":"1210-AB20","title":"Pension Benefit Statements – Lifetime Income Illustrations","checked_regulationsdotgov_at":"2020-11-19T04:30:09Z"},"regulations_dot_gov_url":null,"significant":true,"signing_date":null,"start_page":59132,"subtype":null,"title":"Pension Benefit Statements-Lifetime Income Illustrations","toc_doc":"Lifetime Income Illustrations","toc_subject":"Pension Benefit Statements:\n","topics":["Employee benefit plans","Investments","Pensions","Reporting and recordkeeping requirements"],"type":"Rule","volume":85}