As the GAO, DOL, IRS and others have noted, the current process of offering lump sum elections during lump sum windows and terminations leaves much to be desired. So much so that the title of the GAO’s landmark 2015 report reads:.
“Participants Need Better Information When Offered Lump Sums That Replace Their Lifetime Benefits"
February 2015, U.S. General Accounting Office
We couldn’t agree more…