; and (2) to the Secretary, not later than 30 days prior to the first day on which participants and beneficiaries may make an election with respect to such lump sum. (b) Notice to participants and beneficiaries (1) Content The notice required under subsection (a)(1) shall include the following: (A) Available benefit options, including the estimated monthly benefit that the participant or beneficiary would receive at normal retirement age (if not already in pay status), whether there is a subsidized early retirement option, the monthly benefit amount if payments begin immediately, and the lump sum amount available if the participant or beneficiary takes the option. (B) An explanation of how the lump sum was calculated, including the interest rate, mortality assumptions, and whether any additional plan benefits were included in the lump sum, such as early retirement subsidies. (C) The relative value of the lump sum option compared to the plan’s lifetime annuity, in comparable terms. (D) Whether it would be possible to replicate the plan’s stream of payments by purchasing a comparable retail annuity using the lump sum. (E) The potential ramifications of accepting the lump sum, including possible benefits, investment risks, longevity risks, loss of protections guaranteed by the Pension Benefit Guaranty Corporation (with an explanation of the monthly benefit amount that would be protected by the Pension Benefit Guaranty Corporation if the plan is terminated with insufficient assets to pay benefits), loss of protection from creditors, loss of spousal protections, and other protections under this Act that would be lost. (F) General tax rules related to accepting a lump sum, including rollover options and early distribution penalties with a disclaimer that the plan does not provide tax, legal, or accounting advice and a suggestion that participants and beneficiaries consult with their own tax, legal, and accounting advisors before determining whether to accept the offer. (G) How to accept or reject the offer, the