DOL Working on Final Lifetime Income Illustration Rule, Fiduciary Definition Proposal
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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