We have designed your retirement account statement with several goals in mind:
- Make it easy for you to find key information about your retirement account
- Help you estimate the amount of future income your account could produce at retirement
- Provide another view of investment allocation to emphasize the importance of diversification
Below, you will find more information about each section of a typical retirement account statement.
This section was designed to provide answers to the most commonly asked questions:
This section provides information about your beginning and ending balance for the statement period, including additions, withdrawals, fees and earnings. It also provides information about your balance breakdown by money source.
Projected Retirement Income
The purpose of a retirement account is to replace your salary income during your retirement years. Our retirement planning tool provides you with a realistic picture of what this retirement account, along with Social Security, will generate during your retirement* versus your projected monthly need.
*See the Projected Retirement Income Disclaimer for details about the assumptions used for this projection. This is for illustrative purposes only and is based on your current balance and YTD contributions.
The next sections provide information about your contribution activity by source and activity by investment. These sections show total contributions to your account as well as distributions and fees, forfeitures and transfers, and earnings.
Account Detail by Investment
Here, you can find share and balance information about the investments in your account.
Primary Beneficiary Designation
This section of your statement will indicate who is currently designated as your primary beneficiary/beneficiaries.
Fees assessed to your account include Administrative Expenses and Individual Expenses. This section of your statement describes both types of expenses and will itemize any expenses charged during the period, if applicable.
How to Reach Us
Your statement provides information about accessing your account as well as ways to reach our Service Center if you have questions or need assistance.
Disclosures and Assumptions
The next sections detail important information about the statement and some of the assumptions used in retirement calculations based on the data we have on file, including your date of birth and projected growth rates.
DOL Lifetime Income Benefit Illustration
One of the provisions of the Department of Labor's Setting Every Community Up for Retirement Enhancement (SECURE) Act was a requirement that retirement plans provide lifetime income illustrations to participants on an annual basis. You will find this required illustration on the statements generated at the end of the second quarter of each calendar year. The DOL website provides more information about Pension Benefit Statements - Lifetime Income Illustrations as well as Temporary Implementing FAQs.