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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Lifetime Income Disclosure Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Employee Retirement Income Security Act of 1974 to require a lifetime income disclosure.


Actions Overview (1)

Date
04/06/2017Introduced in House

All Actions (2)

Date
04/06/2017Referred to the House Committee on Education and the Workforce.
Action By: House of Representatives
04/06/2017Introduced in House
Action By: House of Representatives

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Education and the Workforce04/06/2017 Referred to

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Subjects (5)


Latest Summary (1)

There is one summary for H.R.2055. View summaries

Shown Here:
Introduced in House (04/06/2017)

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.