3.0.0 868 2023-01-11T13:36:58Z 2023-01-11T13:36:58Z Senate S 2017-04-06 115 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2017-04-06T17:40:34Z Lifetime Income Disclosure Act 115 2055 HR 2017-04-06 Referred to the House Committee on Education and the Workforce. Identical bill CRS Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act 115 88 HR 2018-12-21 Message on House action received in Senate and at desk: House amendment to Senate amendment. Related bill CRS Retirement Enhancement and Savings Act of 2018 115 2526 S 2018-03-08 Read twice and referred to the Committee on Finance. Related bill CRS 2017-04-06 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2017-04-06 Introduced in Senate IntroReferral 10000 9 Library of Congress I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA N M001169 Sen. Murphy, Christopher [D-CT] Christopher Murphy D CT S. 2017-04-06 True D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2018-06-25 False Labor and Employment Administrative law and regulatory procedures Department of Labor Employee benefits and pensions Government information and archives Labor and Employment 00 2017-04-06 Introduced in Senate 2017-05-08T19:07:49Z 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.

]]> 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 2017-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s868is/xml/BILLS-115s868is.xml 2017-04-06 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. 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.