US HR2367

Bill

US HR2367

Lifetime Income Disclosure Act

Introduced
04/25/2019

In Committee
04/25/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure. 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.

AI Summary

This bill amends the Employee Retirement Income Security Act (ERISA) to require pension benefit statements to include a "lifetime income disclosure" at least once every 12 months. The disclosure would provide an estimate of the monthly payments a participant or beneficiary would receive if their total accrued benefits were used to provide lifetime income streams, such as an annuity. The Department of Labor is required to issue a model disclosure and assumptions that plan administrators can use to calculate these lifetime income estimates. The bill also limits the liability of plan fiduciaries, sponsors, and others for providing these lifetime income illustrations in accordance with the Department of Labor's rules.

Committee Categories

Education

Sponsors (6)

Mark Pocan (D)*, Ted Budd (R), TJ Cox (D), Raja Krishnamoorthi (D), Mark Meadows (R), Tom Suozzi (D),

Last Action

Referred to the House Committee on Education and Labor. (on 04/25/2019)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/2367/all-info

(7 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/2367/all-info
BillText	https://www.congress.gov/116/bills/hr2367/BILLS-116hr2367ih.pdf
Bill	https://www.congress.gov/116/bills/hr2367/BILLS-116hr2367ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1007	Retirement Enhancement and Savings Act of 2019	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR1084	Family Savings Act of 2019	Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR1865	National Law Enforcement Museum Commemorative Coin Act	Became Public Law No: 116-94. (TXT \| PDF)	Related
HR1994	Setting Every Community Up for Retirement Enhancement Act of 2019	Received in the Senate.	Related
HRes389	Providing for consideration of the bill (H.B. 1500) to require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes; providing for consideration of the bill (H.B. 1994) to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes; providing for proceedings during the period from May 24, 2019, through May 31, 2019; and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S1574	Lifetime Income Disclosure Act	Read twice and referred to the Committee on Health, Education, Labor, and Pensions.	Related
S972	Retirement Enhancement and Savings Act of 2019	Read twice and referred to the Committee on Finance.	Related

Bill > HR2367

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (6)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary