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March 9th, 2021
Information & Insights for the 403(b) Community
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Ask the Experts
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Lifetime Income Illustrations for 403(b) Plans With Annuities
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“We are a health care organization that sponsors an ERISA 403(b) plan that is recordkept by an insurance company. Our plan offers both annuities and mutual funds. I read recently that the SECURE Act requires an annual illustration of the annuity that could be purchased from plan assets. Since our recordkeeper already provides customized statements of the monthly benefit that their retirement plan account balance could purchase in the form of an annuity, is there any additional action we would need to take in this regard?”
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