Bill Sponsor
House Bill 2055
115th Congress(2017-2018)
Lifetime Income Disclosure Act
Introduced
Introduced
Introduced in House on Apr 6, 2017
Overview
Text
Introduced
Apr 6, 2017
Latest Action
Apr 6, 2017
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2055
Congress
115
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
Sponsorship by Party
Republican
Indiana
Democrat
Colorado
Democrat
New Jersey
Democrat
New York
Republican
North Carolina
Republican
North Carolina
Democrat
Pennsylvania
Republican
South Carolina
Republican
Washington
Democrat
Wisconsin
Democrat
Wisconsin
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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.

Text (1)
April 6, 2017
Actions (2)
04/06/2017
Referred to the House Committee on Education and the Workforce.
04/06/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:36:00 PM