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ARTICLE · 31 MAY 2013

Projecting Retirement Income

Drinker Biddle & Reath LLP
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The Department of Labor has been thinking about either requiring or facilitating the projection of retirement income on quarterly participant benefit statements for defined contribution plans.

United StatesEmployment and HR
Frederick Reish
Frederick Reish
Bruce Ashton
Bruce Ashton

The Department of Labor (DOL) has been thinking about either requiring or facilitating the projection of retirement income on quarterly participant benefit statements for defined contribution plans. The DOL's next step will be the solicitation of comments about the best way to do that.

Three sample quarterly statements have been developed which will likely be released to the public for comment. The first, and simplest, sample statement provides only for the projection of the current account balance to a participant's retirement age.

In reviewing the sample statement, it provides little additional value to participants, since the projected account balance is so large (almost $700,000) that it would leave a participant with the sense of great wealth ─ but with little idea of the income that it would provide.

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