Second quarter participant statements include an estimate of the monthly income that a participant’s account balance could produce if paid in certain annuity forms at retirement (instead of in a lump sum). This disclosure, calculated using assumptions prescribed by the U.S. Department of Labor (“DOL”), was introduced by the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act of 2019 and is required by law to be provided at least annually and is required by the Department of Labor for defined contribution plans, including 401(k) plans.
No action will be needed on your part as Plan Sponsor.
