Dead reckoning or How to minimize lag in multiplayer shooter

Hello!

I was wondering, how does UE4 handle the shooting of projectiles?
In most shooters, the server simulates what the client can see at a specific moment when the projectile is shot to reduce lag(-> Dead reckoning).
I want to implement this for my own multiplayer shooter.

Does UE4 have the Dead Reckoning algorithm built in, if yes, how can I use it?
How does the new UnrealTournament solve this issue?