November 05, 2021

Fred Reish Talked to CNBC About Potential New Mandate for 401(k) Plan Administrators

CNBC reported that 401(k) plan administrators will be required to provide two illustrations to participants at least once a year showing an estimate of how much guaranteed lifetime income a participant could potentially receive if the balance were annuitized, under an expected interim rule from the Department of Labor.

The publication turned to benefits and executive compensation partner Fred Reish for background on the new rule. Reish shared that “the congressional objective was to help participants understand whether they were saving enough to produce the income they would need in retirement.”

The agency is expected to issue a final rule at some point in the coming months.

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