3.0.0 2367 2022-11-01T20:02:14Z 2022-11-01T20:02:14Z House HR 2019-04-25 116 [Congressional Record Volume 165, Number 68 (Thursday, April 25, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. POCAN:H.R. 2367.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the U.S. Constitution.[Page H3284]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2019-04-25T20:02:05Z Further Consolidated Appropriations Act, 2020 116 1865 HR 2019-12-20 Became Public Law No: 116-94. Related bill CRS Retirement Enhancement and Savings Act of 2019 116 972 S 2019-04-01 Read twice and referred to the Committee on Finance. Related bill CRS Lifetime Income Disclosure Act 116 1574 S 2019-05-21 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS Retirement Enhancement and Savings Act of 2019 116 1007 HR 2019-02-06 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 bill CRS Family Savings Act of 2019 116 1084 HR 2019-02-07 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 bill CRS Setting Every Community Up for Retirement Enhancement Act of 2019 116 1994 HR 2019-06-03 Received in the Senate. Related bill CRS 2019-04-25 Referred to the House Committee on Education and Labor. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2019-04-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-04-25 Introduced in House IntroReferral 1000 9 Library of Congress P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 N B001305 Rep. Budd, Ted [R-NC-13] Ted Budd R NC 13 2019-04-25 True S001201 Rep. Suozzi, Thomas R. [D-NY-3] Thomas Suozzi D NY R. 3 2019-04-25 True K000391 Rep. Krishnamoorthi, Raja [D-IL-8] Raja Krishnamoorthi D IL 8 2019-04-30 False M001187 Rep. Meadows, Mark [R-NC-11] Mark Meadows R NC 11 2019-04-30 False C001124 Rep. Cox, TJ [D-CA-21] TJ Cox D CA 21 2019-05-17 False Labor and Employment Administrative law and regulatory procedures Department of Labor Employee benefits and pensions Government information and archives Labor and Employment 00 2019-04-25 Introduced in House 2019-07-23T22:51:50Z Lifetime Income Disclosure Act

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.

]]> Lifetime Income Disclosure Act Display Title Lifetime Income Disclosure Act Official Title as Introduced To amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure. Introduced in House IH Short Title(s) as Introduced Lifetime Income Disclosure Act Introduced in House IH Introduced in House 2019-04-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr2367ih/xml/BILLS-116hr2367ih.xml 2019-04-25 Referred to the House Committee on Education and Labor. 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.