US HB677 | 2011-2012 | 112th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 6-2)
Status: Introduced on February 11 2011 - 25% progression, died in committee
Action: 2011-03-04 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on February 11 2011 - 25% progression, died in committee
Action: 2011-03-04 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
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.
Title
Lifetime Income Disclosure Act
Sponsors
Rep. Rush Holt [D-NJ] | Rep. Bob Filner [D-CA] | Rep. Ron Kind [D-WI] | Rep. Gwen Moore [D-WI] |
Sen. Gary Peters [D-MI] | Rep. Thomas Petri [R-WI] | Rep. David Reichert [R-WA] | Rep. Janice Schakowsky [D-IL] |
History
Date | Chamber | Action |
---|---|---|
2011-03-04 | House | Referred to the Subcommittee on Health, Employment, Labor, and Pensions. |
2011-02-11 | House | Referred to the House Committee on Education and the Workforce. |
Same As/Similar To
SB267 (Same As) 2011-02-03 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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/112th-congress/house-bill/677/all-info |
Text | https://www.congress.gov/112/bills/hr677/BILLS-112hr677ih.pdf |