Lifetime Income Disclosure Act

Summary

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.

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Timeline

1. 25 April 2019

   Introduced

   Referred to the House Committee on Education and Labor.

   Source: IntroReferral

2. 25 April 2019

   Introduced

   Introduced in House

   Source: IntroReferral

3. 25 April 2019

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 25 April 2019 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 25 April 2019

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 25 April 2019

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 25 April 2019

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Pocan, Mark [D-WI-2] · D · Sponsor
• Sen. Budd, Ted [R-NC] · R · Sponsor
• Rep. Suozzi, Thomas R. [D-NY-3] · D · Sponsor
• Rep. Krishnamoorthi, Raja [D-IL-8] · D · Cosponsor
• Rep. Meadows, Mark [R-NC-11] · R · Cosponsor
• Rep. Cox, TJ [D-CA-21] · D · Cosponsor
• · hsed00 · Standing

Related records

• related to → Further Consolidated Appropriations Act, 2020
• related to → Retirement Enhancement and Savings Act of 2019
• related to → Retirement Enhancement and Savings Act of 2019
• related to → Family Savings Act of 2019
• related to → Setting Every Community Up for Retirement Enhancement Act of 2019
• related to ← Lifetime Income Disclosure Act