Lifetime Income Disclosure Act

Summary

Lifetime Income Disclosure Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require 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 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. 6 April 2017

   Introduced

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

   Source: IntroReferral

2. 6 April 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 6 April 2017 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 April 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 April 2017

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 April 2017

  Open at official source

Sponsors

• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Christopher Murphy · D · Sponsor
• Tammy Duckworth · D · Cosponsor
• · sshr00 · Standing

Related records

• related to → Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act
• related to → Lifetime Income Disclosure Act
• related to ← Lifetime Income Disclosure Act
• related to ← Retirement Enhancement and Savings Act of 2018
• related to ← Lifetime Income Disclosure Act