The DOL is considering a proposal to require pension benefit statements for defined contribution retirement plans to show the current balance of a participant's retirement account, as well as a projected account balance at retirement. The statements also would include two lifetime income illustrations, i.e., a lifetime monthly payment, similar to a pension payment from a defined benefit plan, based on the current balance of a participant's retirement account and the participant's projected account balance at normal retirement age. DOL also posted to its website an online calculator that computes lifetime income streams.

Employer groups have raised several issues in comments submitted to the Labor Department. Employers’ reservations focus on fiduciary concerns, participant confusion, and the cost and administrative burden of producing additional disclosures. For example, participants might bring lawsuits if their actual payouts are less than lifetime income illustrations that were disclosed based on projected income, industry groups suggest. To address these concerns, comments suggested that the DOL make the new disclosures voluntary rather than mandatory and provide guidance that treats the disclosures as participant education rather than fiduciary advice.