HR 677 · 112th Congress 2011–2013, ended

Lifetime Income Disclosure Act

Fact sheet

Latest action · Mar 4, 2011 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 11, 2011
  2. Passed HouseNot reached
  3. Passed SenateNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

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.

Cosponsors 7

Members who signed on, in the order they did. Signatures ran from Feb 11, 2011 to Jan 31, 2012, with 3 there on the day it was introduced.

SeatCosponsorSigned on
R-WADavid G. ReichertOriginalFeb 11, 2011
D-WIRon KindOriginalFeb 11, 2011
R-WIThomas E. PetriOriginalFeb 11, 2011
D-CABob FilnerJan 31, 2012
D-MIGary C. PetersJan 31, 2012
D-WIGwen MooreJan 31, 2012
D-ILJanice D. SchakowskyJan 31, 2012

Actions 3

Everything that happened, newest first.

  1. Mar 4, 2011Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
  2. Feb 11, 2011Introduced in House
  3. Feb 11, 2011Referred to the House Committee on Education and the Workforce.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 267Lifetime Income Disclosure ActIdentical billFeb 3, 2011

Subjects

Assigned by the Library of Congress. Policy area: Labor and Employment.

Text 1

Each version as it was printed, newest first.

  1. Feb 11, 2011Introduced in House

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

Processed by Stripe in a separate window. LegiList never sees card details.

Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.