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Bill > HR2055


US HR2055

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 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 show the monthly payments the participant or beneficiary would receive if their total accrued benefits were used to provide lifetime income streams, such as a qualified joint and survivor annuity or a single life annuity, based on assumptions specified by the Department of Labor. The bill requires the Department of Labor to issue a model disclosure, assumptions, and related rules. It also limits the liability of plan fiduciaries, sponsors, and others who provide these lifetime income stream equivalents in accordance with the Department's rules.

Committee Categories

Education

Sponsors (13)

Last Action

Referred to the House Committee on Education and the Workforce. (on 04/06/2017)

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