Articles

New Product News - Q2 2022

Jun 02, 2022

Lifetime Income Illustrations

To better help participants prepare for retirement—and to comply with new Department of Labor regulations—Newport will be providing lifetime income illustrations on participant statements. 

The illustrations will show estimated monthly payments if a participant’s account balance was converted into two different streams of lifetime income using government-mandated assumptions: 

  • A single life annuity, or
  • A 100% qualified joint and survivor annuity (assuming the participant is married to a spouse the exact same age as the participant) 

This enhancement aligns with requirements under the SECURE Act and will begin in advance of the September 2022 deadline.

Fee Disclosure and QDIA Enhancements (May) and Event Triggered Notices (August)  

New processes and procedures are being deployed for the systematic electronic delivery of certain participant notices. The notices that can be run and delivered on-demand are as follows:

  • Black-out notice (associated with a fund change)
  • Participant Fee Disclosure
  • QDIA (associated with a fund change)
  • Fund Change Notice
  • SPD
  • SMM
  • Summary Annual Report

Additional Website Enhancements 

  • The electronic delivery “splash page” will display prior to other splash pages, to encourage participants to enroll in electronic delivery.
  • Participants not eligible for the service (i.e., don’t have an email address on file) will see “Printed” as their delivery option on the Paperless Settings page.
  • The Fee Disclosure Delivery Method field will be removed as Fee Disclosures will be a part of the Required Disclosures Delivery Method going forward.
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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. 

Investment Advisory and fiduciary consulting services are offered through Newport Group Consulting, LLC, a registered investment adviser. Securities are offered through Newport Group Securities, Inc., a dually-registered investment advisor and broker dealer, member FINRA. Securities in California are offered through Newport Securities Insurance Services. For more information about Newport Group Consulting and its services, Newport Group Securities, Inc. or Newport Securities Insurance Services and services offered, please refer to our Form ADV Part 2, which is available by contacting us at 407-333-2905, visit our website at www.newportgroup.com, or advisorinfo.sec.gov.  

Newport Trust Company is a New Hampshire state-chartered trust company Newport Trust Company provides independent fiduciary and trustee services for employee benefit plans.

Newport Group Consulting, LLC, Newport Group Securities, Inc., and Newport Trust Company are subsidiaries of Newport Group, Inc., an Ascensus Company.