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.
20220526-2216789