House, Senate Bills Would Require Lifetime Income Disclosures
Legislation introduced recently in the U.S. House of Representatives and the Senate would require retirement plans to include an “annuity equivalent” on participant statements.
In the House, Reps. Luke Messer (R-Ind.) and Mark Pocan (D-Wisc.) introduced the Lifetime Income Disclosure Act (H.R. 2317)
, which would require that on each participant statement, the individual’s current retirement balance must be illustrated as if they were receiving a monthly paycheck for life (based on assumptions specified in rules prescribed by the Secretary of Labor). The bill is now before the House Committee on Education and the Workforce.
Sens. Johnny Isakson (R-Ga.) and Chris Murphy (D-Conn.) introduced a companion bill, the Lifetime Income Disclosure Act (S. 1317)
in the Senate. Isakson previously introduced the legislation in the 111th and 112th Congresses. The bill is now before the Committee on Health, Education, Labor, and Pensions.
Original cosponsors of the Lifetime Income Disclosure Act in the House include Reps. Jared Polis (D-Col.), Dave Reichert (R-Wash.) and Ron Kind (D-Wisc.)
The American Retirement Association supports the legislation, along with American Council of Life Insurers, Insured Retirement Institute, MassMutual, Pension Rights Center, Prudential and the Women’s Institute for a Secure Retirement.