3.0.0 2832 2023-01-11T13:16:51Z 2023-01-11T13:16:51Z Senate S S 2009-12-03 111 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2009-12-03T23:24:54Z 2009-12-03 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S12327-12328) IntroReferral 2009-12-03 Sponsor introductory remarks on measure. (CR S12327) IntroReferral B00100 9 Library of Congress 2009-12-03 Introduced in Senate IntroReferral 10000 9 Library of Congress B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS N I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2009-12-03 True K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. 2009-12-03 True Labor and Employment Administrative law and regulatory procedures Department of Labor Employee benefits and pensions Government information and archives Labor and Employment 00 2009-12-03 Introduced in Senate 2010-04-16T15:23:27Z 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 every calendar year.

Requires such a lifetime income disclosure to set forth the annuity equivalent of the participant's or beneficiary's total benefits accrued. Defines an annuity equivalent of the total benefits accrued as the monthly annuity payment the participant or beneficiary would receive at the plan's normal retirement age if those total accrued benefits were used on the date of the lifetime income disclosure to purchase certain qualified joint and survivor life annuities whose annuity payments would commence at the plan's normal retirement age.

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 annuity equivalents.

Declares that no plan fiduciary, plan sponsor, or other person shall have any liability under ERISA solely by reason of the provision of annuity equivalents derived in accordance with such assumptions and related rules and including explanations contained in the model lifetime income disclosure.

]]> Lifetime Income Disclosure Act Display Title Lifetime Income Disclosure Act Official Title as Introduced A bill to amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure. Introduced in Senate IS Short Titles as Introduced Lifetime Income Disclosure Act Introduced in Senate 2009-12-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s2832is/xml/BILLS-111s2832is.xml 2009-12-03 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S12327-12328) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.