The Department of Labor provided interim guidance on the new required annual lifetime income disclosures to participants in defined contribution plans, including plans covered under section 401(k) or 403(b) of the Internal Revenue Code, profit-sharing plans and employee stock ownership plans (ESOPs). The Lifetime Income Disclosure Rule is currently scheduled to go into effect on September 18, 2021. Given this timeframe, sponsors of defined contribution plans should start planning for these new disclosure requirements now.
Full Disclosure Required: Lifetime Income Estimates on Defined Contribution Plan Benefit Statements
Posted In Employee Benefits, Retirement Plans

Emily Rickard focuses her practice on executive compensation and employee benefits, and has devoted a substantial portion of her practice to assisting employers in implementing and maintaining employee stock ownership plans (ESOPs). She has represented companies, inside ESOP trustees, and outside ESOP trustees in buy-side and sell-side transactions, as well as in ongoing ESOP compliance matters. Read Emily Rickard's full bio.

Lisa Loesel focuses her practice on employee benefits matters, including the design, amendment and administration of pension and 401(k) plans, nonqualified deferred compensation arrangements, and employee stock ownership plans. She counsels privately and publicly held corporations regarding the employee benefits design and transition matters arising from corporate mergers, acquisitions and divestitures. She also advises clients regarding fiduciary and plan investment issues under the Employee Retirement Income Security Act of 1974 (ERISA). Lisa also has experience counseling plan fiduciaries with respect to the claims and appeals procedures under ERISA. Read Lisa Loesel's full bio.

Joseph (Joe) K. Urwitz focuses his practice on employee benefits, executive compensation and Employee Retirement Income Security Act (ERISA) fiduciary matters. He advises clients on a wide range of issues, including fiduciary duties and prohibited transactions, employee benefit matters arising in mergers and acquisitions, benefits issues unique to nonprofit entities, deferred compensation arrangements, equity award and bonus plan design, employment and severance arrangements, and qualified plan work. Read Joe Urwitz's full bio.
Related Posts
- Securing Retirement: Additional SECURE Act and Miners Act Guidance for Retirement Plans
- Up, Up and Away: 2020 Increased Penalties for Employee Benefit Plans
- DOL and IRS Expand Access to Multiple Employer Plans and Propose to Eliminate the ‘One Bad Apple’ Rule
- Smarter and Not Harder: The New IRS Hardship Distribution Regulations
- ERISA Health Plan Fiduciaries Defeat DOL’s Excessive Fee Claims
BLOG EDITORS
STAY CONNECTED
TOPICS
ARCHIVES
RECENT POSTS
- Lessons in Crafting Valid Employment Class Settlements
- Making Sure It Hurts: 2021 Increased Penalties for ERISA Violations
- Racial Diversity, Gender Equality and Corporate Governance: An Update
- Senate Rules Could Pose Hurdles for Vaccine Funds
- Transformative Healthcare Collaboration Opportunities Emerge from COVID-19 Pandemic

