5/14/2013

The Department of Labor's Employee Benefits Security Administration is seeking public comment on a proposed rule to require 401(k) plans to include projected monthly payments after retirement in addition to account balances in benefit statements. "Retirees run the risk of outliving their savings. If workers have the benefit of seeing how long their savings could last, it might spur better planning for the future, such as adopting more effective savings strategies," said Phyllis Borzi, assistant secretary of labor for the Employee Benefits Security Administration. The deadline for submitting comments on the proposed rule is July 8.

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