Tuesday, August 18, 2020
ACLI On Labor Department's Lifetime Income Illustration Rule Issued Today
WASHINGTON – ACLI President & CEO Susan Neely made the following statement on the U.S. Labor Department’s interim final rule on lifetime income illustrations issued today:
“Showing the value of retirement account balances in terms of lifetime monthly income gives plan participants a better understanding of what their potential income in retirement is likely to be, based on what they have saved.
“Plan participants make their own choice at retirement on how they want to receive they money they’ve saved. And the illustrations will provide meaningful information for long-term planning, and for when plan participants change jobs or benefit plans.
“The rule follows Congress’s passage of the SECURE Act in December 2019, strongly supported by ACLI.
“We are currently reviewing the interim final regulation and look forward to working with the department toward its issuance in final form.”
The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.
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Date Posted: August 18, 2020
Document ID: NR20-027