Benefits Alert: SECURE Act—Interim final rule

The Department of Labor’s Employee Benefits Security Administration has published an interim final rule (IFR) describing calculation methodology and model language to “obtain relief from liability” in the presentation of “Lifetime Income Illustrations” applicable to ERISA-covered defined contribution (individual account) plans, the intent of which is likely a regulatory safe harbor. The IFR includes several assumptions that plan administrators and providers of lifetime income models and illustrations can use to adhere to the lifetime income disclosure requirement of Section 203 of the Setting Every Community Up for Retirement Enhancement Act of 2019 at least once every 12 months.