New regulations being considered by the U.S. Department of Labor could be a boon for financial advisors who handle retirement plans, says an ING U.S. representative.

The regulations would require that a lifetime income statement be given to retirement plan participants at least once a year. Industry leaders generally have applauded the idea in comments to the Labor Department.  A bill that would mandate similar statements is pending in Congress.

“Having these requirements will give you an opportunity to demonstrate your value as an advisor to both the plan participants and the plan sponsor,” Bob Kaplan, national retirement consultant for ING U.S. Investment Management, said during a retirement perspectives web conference for advisors Thursday.

The regulations are not in place as yet, “but this is clearly the way federal regulators and Congress are going,” said Kaplan. Federal officials want retirement plan participants to “stay the course” in saving, he noted, while adding that providing projections of what income can be received during retirement from a particular plan will encourage people to keep saving.

The projections will be calculated to include an annual increase in contributions, minus inflation, Kaplan explained.

“The lifetime income illustration will show what the numbers represent” when a person is looking at their existing savings total, Kaplan said. “The [potential] requirement by the Department of Labor is an advantage  to us because it gets the conversation going on what will be needed for the decumulation phase” after participants retire.

The information provided by the advisor will help demonstrate the value an advisor brings to the sponsor and participants of the retirement plans, Kaplan said.

There is some danger that plan participants will receive more information than they can digest. But if that is the case, it again gives the advisor a chance to solve the problem through meetings with employees, Kaplan concluded.