The Department of Labor finalized its rule for retirement account statements.
Americans with 401 plans may think they have a lot saved for retirement, but a new government rule will let them know just how much money they’ll see in their old age.
“The Employee Benefits Security Administration [EBSA] believes that illustrating a participant’s account balance as a stream of estimated lifetime payments, in accordance with the interim final rule, will help workers in defined-contribution plans to better understand how their account balance translates into monthly income in retirement and therefore to better prepare for retirement,” the DOL said in its announcement.
The DOL said administrators will use the 10-year constant maturity Treasury rate based on the first business day of the last month’s statement period for its interest rate assumptions. It will also use the Internal Revenue Code’s gender-neutral mortality table and in order to calculate the Qualified Joint and Survivor Annuity, will assume participants have a spouse of equal age .
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