H.R. 2367 · 116th Congress
Lifetime Income Disclosure Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
PocanSponsor5 cosponsors · 3 D, 2 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires pension benefit statements to include a lifetime income disclosure at least once during any 12-month period.
What it does: CRS summary · Introduced in House · Apr 25, 2019
Lifetime Income Disclosure Act
This bill requires pension benefit statements to include a lifetime income disclosure at least once during any 12-month period.
The disclosure must set forth the lifetime income stream equivalent of the total benefits accrued with respect to the participant or beneficiary. The "lifetime income stream equivalent of the total benefits accrued" is the amount of monthly payments the participant or beneficiary would receive if the total accrued benefits were used to provide lifetime income streams based on certain assumptions, including that the participant or beneficiary has a spouse of equal age and a single life annuity.
The Department of Labor must issue a model lifetime income disclosure, assumptions that plan administrators may use in converting total accrued benefits into lifetime income stream equivalents, and related rules.
No plan fiduciary, sponsor, or other person may be liable under the Employee Retirement Income Security Act of 1974 (ERISA) solely due to the provision of lifetime income stream equivalents derived in accordance with the assumptions and related rules issued by Labor, including explanations contained in the model lifetime income disclosure.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Lifetime Income Disclosure Act
Latest action (Apr 25, 2019): Referred to the House Committee on Education and Labor.
Policy area: Labor and Employment · Origin: House · Introduced: Apr 25, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.