Bill

Bill > S868


US S868

Lifetime Income Disclosure Act


summary

Introduced
04/06/2017
In Committee
04/06/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill 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.

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 per 12-month period. This disclosure would show the estimated monthly payments a participant or beneficiary could receive if their total accrued benefits were used to provide a qualified joint and survivor annuity or a single life annuity, based on certain assumptions to be specified by the Department of Labor. The bill also requires the Department of Labor to issue a model disclosure and related rules, and it provides liability protection for plan fiduciaries and sponsors who provide these lifetime income stream estimates in accordance with the Department's guidance.

Committee Categories

Health and Social Services

Sponsors (3)

Last Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 04/06/2017)

bill text


bill summary

Loading...

bill summary

Loading...
Loading...