S.2832 - 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.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 3
  • Past Seven Days: 4
  • All-Time: 2,252
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/03/09
 
 
 
 
 
 
 

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 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.

...Read the Rest




Vote on This Bill

0% Users Support Bill

0 in favor / 1 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC