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RETIREMENT PLAN INVESTOR
Use your plan ID (available on your account statement) to determine which employer-sponsored retirement plan website to use:
Federal law requires ERISA-covered defined contribution plans to include lifetime income illustrations (LIIs) on participant statements at least once a year. Beginning in the second quarter of 2022, LIIs will be added to statements — each quarter — for the following plans:
The LII shows what a participant's account balance might provide as a monthly payment starting at the age of retirement (age 67 or actual age, whichever is later). The illustration's monthly income is expressed as a single life annuity and as a qualified joint and survivor annuity.
Plans utilizing another custodian outside of the impacted plans noted above were notified earlier this year that American Funds Service Company® (AFS) cannot provide the LII on participant statements. AFS is not the plan's recordkeeper or the third-party administrator (TPA). AFS is solely the investment vehicle and does not have the system to maintain participant information necessary to calculate the LII.
If an active 401(k) plan chooses to change its recordkeeper or TPA, we have options to help them. Our RecordkeeperDirect and PlanPremier solutions offer enhanced recordkeeping, statements and digital functionality that their current arrangement may not provide. The solutions may require using a TPA. To complete a conversion, we require a minimum of 60 days from receipt of the completed paperwork. Plan sponsors may contact us for more information at (800) 421-4225, ext. 37.