Relius Administration - Enhancement for DOL Lifetime Income Disclosure Requirement
FIS sent out a System Notification on March 25th indicating the below:
My question is - if this release (2021.0) will be tied in with the mandatory move to Oracle Enterprise / Security. Any insight would be appreciated.
SUMMARY
FIS is preparing enhancements to Relius Administration to satisfy the annual lifetime income disclosures required under the SECURE Act. FIS is monitoring for changes to the current legislative and regulatory guidance and intends to release the necessary updates prior to September 18, 2021, the current effective date of the requirement. Relius Administration version 2021.0 will support this enhancement.
WHAT FIS IS DOING
On September 18, 2020, the Department of Labor published an interim final rule providing the assumptions and disclosures that ERISA-covered defined contribution plans must include in annual lifetime income disclosures to plan participants. The new rule implements requirements established in the Setting Every Community Up for Retirement Enhancement (SECURE) Act and is effective on September 18, 2021. Presumably, plans will have one year from the effective date to provide participants with their initial lifetime income disclosures.
IMPORTANT: These enhancements will only be made to Relius Administration version 2021.0 forward. Prior versions of Relius Administration will not be updated to support this method of lifetime income disclosure.
Very good question, @David Baker! I haven't heard anything lately about having to upgrade to Oracle Enterprise w/ enhanced security.
@will.mckamie @Sanjoy Nath