The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) created a new participant disclosure requirement for 401(k) plans.

To meet the new requirement, benefit statements must include a “lifetime income” disclosure at least annually to help participants understand how much income their current account balance could produce in retirement.

Most 401(k) participants will see the lifetime income disclosure for the first time on their June 30, 2022, quarter-end benefit statement. Our latest blog post goes into detail on what you can expect to see on your disclosure, including its assumptions and limitations.

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401(k) Must Reads

It’s Unanimous! EARN Passed by Senate Committee 28-0

The Senate Finance Committee voted 28-0 to favorably report an amended version of the Enhancing American Retirement Now (EARN) Act, which includes more than 70 proposals aimed at helping more Americans save.

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When Roth Conversions Go ‘On Sale’: Discounted Roth Conversions During A Bear Market Decline

Market downturns can create favorable tax planning opportunities, including the ability to maximize ‘discounted’ Roth conversions.

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