,,ii  #aacth ,,congress  #ast ,session  
,s4 #aade  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #ab1     
#bjac ,mr4 ,isakson 7for himself1 ,mr4  
,murphy1 ,ms4 ,warren1 ,mr4 ,scott1 and 
,mr4 ,nelson7 introduced the following  
bill2 which was read twice and referred 
to the ,committee on ,health1           
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to amend the ,employee         
,retirement ,income ,security ,act of   
#aigd to require a lifetime income      
disclosure4  #a4 ,short title ,this ,act
 may be cited as the ,lifetime ,income  
,disclosure ,act4  #b4 ,disclosure      
regarding lifetime income  7a7 ,in      
general ,subparagraph 7,b7 of section   
#aje7;a77#b7 of the ,employee           
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajbe7;a77#b77 is  
amended--  7#a7 in clause 7i71 by       
striking and at the end2  7#b7 in clause
 7ii71 by striking diversification4 and 
inserting diversification1 and2 and     
7#c7 by inserting at the end the        

following3  7iii7 the lifetime income   
disclosure described in subparagraph    
7,d77i74  ,in the case of pension       
benefit statements described in clause  
7i7 of paragraph 7#a77;,a71 a lifetime  
income disclosure under clause 7iii7 of 
this subparagraph shall only be required
 to be included in one pension benefit  
statement during any one #ab-month      
period4 4  7b7 ,lifetime income         
,paragraph 7#b7 of section #aje7;a7 of  
such ,act 7#bi ,u4,s4,c4 #ajbe7;a77 is  
amended by adding at the end the        
following new subparagraph3  7,d7       
,lifetime income disclosure  7i7 ,in    
general  7,i7 ,disclosure ,a lifetime   
income disclosure shall set forth the   
lifetime income stream equivalent of the
 total benefits accrued with respect to 
the participant or beneficiary4  7,,ii7 
,lifetime income stream equivalent of   
the total benefits accrued ,for purposes
 of this subparagraph1 the term lifetime
 income stream equivalent of the total  
benefits accrued means the amount of    

monthly payments the participant or     
beneficiary would receive if the total  
accrued benefits of such participant or 
beneficiary were used to provide        
lifetime income streams described in    
subclause 7,,iii71 based on assumptions 
specified in rules prescribed by the    
,secretary4  7,,iii7 ,lifetime income   
streams ,the lifetime income streams    
described in this subclause are a       
qualified joint and survivor annuity 7as
 defined in section #bje7;d771 based on 
assumptions specified in rules          
prescribed by the ,secretary1 including 
the assumption that the participant or  
beneficiary has a spouse of equal age1  
and a single life annuity4 ,such        
lifetime income streams may have a term 
certain or other features to the extent 
permitted under rules prescribed by the 
,secretary4  7ii7 ,model disclosure ,not
 later than #a year after the date of   
the enactment of the ,lifetime ,income  
,disclosure ,act1 the ,secretary shall  
issue a model lifetime income           

disclosure1 written in a manner so as to
 be understood by the average plan      
participant1 that--  7,i7 explains that 
the lifetime income stream equivalent is
 only provided as an illustration2      
7,,ii7 explains that the actual payments
 under the lifetime income stream       
described in clause 7i77,,iii7 that may 
be purchased with the total benefits    
accrued will depend on numerous factors 
and may vary substantially from the     
lifetime income stream equivalent in the
 disclosures2  7,,iii7 explains the     
assumptions upon which the lifetime     
income stream equivalent was determined2
 and  7,,iv7 provides such other similar
 explanations as the ,secretary         
considers appropriate4  7iii7           
,assumptions and rules ,not later than  
#a year after the date of the enactment 
of the ,lifetime ,income ,disclosure    
,act1 the ,secretary shall--  7,i7      
prescribe assumptions that              
administrators of individual account    
plans may use in converting total       

accrued benefits into lifetime income   
stream equivalents for purposes of this 
subparagraph2 and  7,,ii7 issue interim 
final rules under clause 7i74  ,in      
prescribing assumptions under subclause 
7,i71 the ,secretary may prescribe a    
single set of specific assumptions 7in  
which case the ,secretary may issue     
tables or factors that facilitate such  
conversions71 or ranges of permissible  
assumptions4 ,to the extent that an     
accrued benefit is or may be invested in
 a lifetime income stream described in  
clause 7i77,,iii71 the assumptions      
prescribed under subclause 7,i7 shall1  
to the extent appropriate1 permit       
administrators of individual account    
plans to use the amounts payable under  
such lifetime income stream as a        
lifetime income stream equivalent4  7iv7
 ,limitation on liability ,no plan      
fiduciary1 plan sponsor1 or other person
 shall have any liability under this    
title solely by reason of the provision 
of lifetime income stream equivalents   

which are derived in accordance with the
 assumptions and rules described in     
clause 7iii7 and which include the      
explanations contained in the model     
lifetime income disclosure described in 
clause 7ii74 ,this clause shall apply   
without regard to whether the provision 
of such lifetime income stream          
equivalent is required by subparagraph  
7,b77iii74  7v7 ,effective date ,the    
requirement in subparagraph 7,b77iii7   
shall apply to pension benefit          
statements furnished more than #ab      
months after the latest of the issuance 
by the ,secretary of--  7,i7 interim    
final rules under clause 7i72  7,,ii7   
the model disclosure under clause 7ii72 
or  7,,iii7 the assumptions under clause
 7iii74  4