Lifetime Income Disclosure Act

Summary

Lifetime Income Disclosure Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the quarterly pension benefit statement furnished to a participant or beneficiary with the right to direct the investment of assets in his or her account under an individual account plan to include a lifetime income disclosure at least once during any 12-month period. Requires such lifetime income disclosure to set forth the lifetime income stream equivalent of the participant's or beneficiary's total benefits accrued. Defines a lifetime income stream equivalent of the total benefits accrued as the monthly annuity payment the participant or beneficiary would receive if those total accrued benefits were used to provide lifetime income streams to a qualified joint and survivor annuitant. Directs the Secretary of Labor to: (1) issue a model lifetime income disclosure, written in a manner which can be understood by the average plan participant; and (2) prescribe assumptions that plan administrators may use in converting total accrued benefits into lifetime income stream equivalents. Declares that no plan fiduciary, plan sponsor, or other person shall have any liability under ERISA solely by reason of the provision of lifetime income stream equivalents derived in accordance with such assumptions and related rules and including explanations contained in the model lifetime income disclosure.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 June 2013

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 12 June 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 June 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 June 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 June 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 June 2013

  Open at official source

Sponsors

• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Christopher Murphy · D · Sponsor
• Elizabeth Warren · D · Sponsor
• Tim Scott · R · Sponsor
• Rep. Nelson, Bill [D-FL-11] · D · Sponsor
• · sshr00 · Standing

Related records

• related to → Retirement Security Act of 2014
• related to → SAVE Act of 2014
• related to → Lifetime Income Disclosure Act
• related to ← Retirement Security Act of 2014