US Congress House Bill 2367 (Prior Session Legislation)

---

Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: Introduced on April 25 2019 - 25% progression, died in committee
Action: 2019-04-25 - Referred to the House Committee on Education and Labor.
Pending: House Education and Labor Committee
Text: Latest bill text (Introduced) [PDF]

Requires 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 the Employee Retirement Income Security Act of 1974 (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.

Lifetime Income Disclosure Act

Rep. Mark Pocan [D-WI]	Sen. Ted Budd [R-NC]	Rep. Thomas Suozzi [D-NY]	Rep. Raja Krishnamoorthi [D-IL]
Rep. Mark Meadows [R-NC]	Rep. TJ Cox [D-CA]

Date	Chamber	Action
2019-04-25	House	Referred to the House Committee on Education and Labor.
2019-04-25	House	Introduced in House

HB1007 (Related) 2019-02-06 - Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
HB1084 (Related) 2019-02-07 - Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
HB1994 (Related) 2019-06-03 - Received in the Senate.
SB972 (Related) 2019-04-01 - Read twice and referred to the Committee on Finance.
HR389 (Similar To) 2019-05-21 - Motion to reconsider laid on the table Agreed to without objection.
SB1574 (Related) 2019-05-21 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
HB1865 (Related) 2019-12-20 - Became Public Law No: 116-94. (TXT | PDF)

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/2367/all-info
Text	https://www.congress.gov/116/bills/hr2367/BILLS-116hr2367ih.pdf