S.267 - Lifetime Income Disclosure Act

A bill to amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure. as introduced.
  • Short: Lifetime Income Disclosure Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/03/11
 
 
 
 
 
 
 

Official Summary

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 accoun

Official Summary

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 during any 12-month period. Requires such lifetime income disclosure to set forth the lifetime income stream equivalent of the participant's or beneficiary's total benefits accrued. Defines a lifetime income stream equivalent of the total benefits accrued as the monthly annuity payment the participant or beneficiary would receive if those total accrued benefits were used to provide lifetime income streams to a qualified joint and survivor annuitant. 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 lifetime income stream equivalents. Declares that no plan fiduciary, plan sponsor, or other person shall have any liability under ERISA solely by reason of the provision of lifetime income stream equivalents derived in accordance with such assumptions and related rules and including explanations contained in the model lifetime income disclosure.

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Organizations Supporting S.267

  • American Association of Retired Persons
  • U.S. Women's Chamber of Commerce
  • Insured Retirement Institute
  • American Council of Life Insurers
  • JPMorgan Chase

Organizations Opposing S.267

  • Investment Company Institute




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