Los Angeles partner Fred Reish was quoted in a ThinkAdvisor article titled, “Today's Top 5 Retirement Issues.”
The article discusses the top five issues that advisors should be considering when giving retirement planning advice for their clients.
Fred commented on the DOL’s upcoming proposal to require sponsors to provide an illustration on participant statements that shows how their account balances translate into a dollar amount that they would receive in retirement.
Fred said the DOL’s proposal will be a “game changer” for plans. The proposed regulation “will change the way plans are seen,” he said.
“Now, 401(k) and 403(b) account balances are seen as wealth; DOL is changing that to have them seen as sources of monthly income,” which will ultimately result in “more guaranteed insurance product discussions.”