US SB868 | 2017-2018 | 115th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on April 6 2017 - 25% progression, died in committee
Action: 2017-04-06 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 6 2017 - 25% progression, died in committee
Action: 2017-04-06 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
Lifetime Income Disclosure Act
Sponsors
Sen. Johnny Isakson [R-GA] | Sen. Christopher Murphy [D-CT] | Sen. Tammy Duckworth [D-IL] |
History
Date | Chamber | Action |
---|---|---|
2017-04-06 | Senate | Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
Same As/Similar To
HB2055 (Same As) 2017-04-06 - Referred to the House Committee on Education and the Workforce.
SB2526 (Related) 2018-03-08 - Read twice and referred to the Committee on Finance.
HB88 (Related) 2018-12-21 - Message on House action received in Senate and at desk: House amendment to Senate amendment.
SB2526 (Related) 2018-03-08 - Read twice and referred to the Committee on Finance.
HB88 (Related) 2018-12-21 - Message on House action received in Senate and at desk: House amendment to Senate amendment.
Subjects
Administrative law and regulatory procedures
Department of Labor
Employee benefits and pensions
Government information and archives
Labor and employment
Department of Labor
Employee benefits and pensions
Government information and archives
Labor and employment
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/senate-bill/868/all-info |
Text | https://www.congress.gov/115/bills/s868/BILLS-115s868is.pdf |