01.06.23
DOL Working on Final Lifetime Income Illustration Rule, Fiduciary Definition Proposal
by: Brian Croce
In its semiannual regulatory agenda, the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) said it soon plans to publish a final rule detailing how plan sponsors should convert participants' account balances into an estimated monthly income stream at retirement. It also said it is working on a rule to expand the definition of the term "fiduciary." The agenda outlines EBSA's short-term and long-term priorities and notes that it is working on three items in the pre-rule stage, nine in the proposed rule stage and five in the final rule stage.
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