,,ii  #aac? ,,congress  #a/ ,session    
,s4 #aade  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ab1 #bjac ,mr4  
,isakson 7= himself1 ,mr4 ,murphy1 ,ms4 
,w>r51 ,mr4 ,scott1 & ,mr4 ,nelson7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to am5d ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd to require a lifetime income      
disclosure4  #a4 ,%ort title ,?is ,act  
may be cit$ z ! ,lifetime ,income       
,disclosure ,act4  #b4 ,disclosure      
reg>d+ lifetime income  7a7 ,9 g5]al    
,subp>agraph 7,b7 ( section #aje7;a77#b7
 ( ! ,employee ,retirem5t ,income       
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#ajbe7;a77#b77 is am5d$--  7#a7 9 clause
 7i71 by /rik+ & at ! end2  7#b7 9      
clause 7ii71 by /rik+ div]sification4 & 
ins]t+ div]sification1 &2 &  7#c7 by    
ins]t+ at ! end ! foll[+3  7iii7 !      
lifetime income disclosure describ$ 9   
subp>agraph 7,d77i74  ,9 ! case ( p5sion

 b5efit /atem5ts describ$ 9 clause 7i7 (
 p>agraph 7#a77;,a71 a lifetime income  
disclosure "u clause 7iii7 ( ?is        
subp>agraph %all only be requir$ to be  
includ$ 9 "o p5sion b5efit /atem5t dur+ 
any "o #ab-mon? p]iod4 4  7b7 ,lifetime 
income ,p>agraph 7#b7 ( section #aje7;a7
 ( su* ,act 7#bi ,u4,s4,c4 #ajbe7;a77 is
 am5d$ by add+ at ! end ! foll[+ new    
subp>agraph3  7,d7 ,lifetime income     
disclosure  7i7 ,9 g5]al  7,i7          
,disclosure ,a lifetime income          
disclosure %all set =? ! lifetime income
 /ream equival5t ( ! total b5efits      
accru$ ) respect to ! p>ticipant or     
b5efici>y4  7,,ii7 ,lifetime income     
/ream equival5t ( ! total b5efits accru$
 ,= purposes ( ?is subp>agraph1 ! t]m   
lifetime income /ream equival5t ( !     
total b5efits accru$ means ! am\nt (    
mon?ly paym5ts ! p>ticipant or b5efici>y
 w\ld receive if ! total accru$ b5efits 
( su* p>ticipant or b5efici>y 7 us$ to  
provide lifetime income /reams describ$ 
9 subclause 7,,iii71 bas$ on assumptions

 specifi$ 9 rules prescrib$ by !        
,secret>y4  7,,iii7 ,lifetime income    
/reams ,! lifetime income /reams        
describ$ 9 ?is subclause are a qualifi$ 
jo9t & survivor annuity 7z def9$ 9      
section #bje7;d771 bas$ on assumptions  
specifi$ 9 rules prescrib$ by !         
,secret>y1 includ+ ! assumption t !     
p>ticipant or b5efici>y has a sp\se (   
equal age1 & a s+le life annuity4 ,su*  
lifetime income /reams may h a t]m c]ta9
 or o!r features to ! ext5t p]mitt$ "u  
rules prescrib$ by ! ,secret>y4  7ii7   
,model disclosure ,n lat] ?an #a ye>    
aft] ! date ( ! enactm5t ( ! ,lifetime  
,income ,disclosure ,act1 ! ,secret>y   
%all issue a model lifetime income      
disclosure1 writt5 9 a mann] s z to be  
und]/ood by ! av]age plan p>ticipant1   
t--  7,i7 expla9s t ! lifetime income   
/ream equival5t is only provid$ z an    
illu/ration2  7,,ii7 expla9s t ! actual 
paym5ts "u ! lifetime income /ream      
describ$ 9 clause 7i77,,iii7 t may be   
pur*as$ ) ! total b5efits accru$ w dep5d

 on num]\s factors & may v>y            
sub/antially f ! lifetime income /ream  
equival5t 9 ! disclosures2  7,,iii7     
expla9s ! assumptions ^u :i* ! lifetime 
income /ream equival5t 0 det]m9$2 &     
7,,iv7 provides su* o!r simil>          
explanations z ! ,secret>y consid]s     
appropriate4  7iii7 ,assumptions & rules
 ,n lat] ?an #a ye> aft] ! date ( !     
enactm5t ( ! ,lifetime ,income          
,disclosure ,act1 ! ,secret>y %all--    
7,i7 prescribe assumptions t            
adm9i/rators ( individual acc\nt plans  
may use 9 conv]t+ total accru$ b5efits  
into lifetime income /ream equival5ts = 
purposes ( ?is subp>agraph2 &  7,,ii7   
issue int]im f9al rules "u clause 7i74  
,9 prescrib+ assumptions "u subclause   
7,i71 ! ,secret>y may prescribe a s+le  
set ( specific assumptions 79 :i* case !
 ,secret>y may issue tables or factors t
 facilitate su* conv]sions71 or ranges (
 p]missible assumptions4 ,to ! ext5t t  
an accru$ b5efit is or may be inve/$ 9 a
 lifetime income /ream describ$ 9 clause

 7i77,,iii71 ! assumptions prescrib$ "u 
subclause 7,i7 %all1 to ! ext5t         
appropriate1 p]mit adm9i/rators (       
individual acc\nt plans to use ! am\nts 
payable "u su* lifetime income /ream z a
 lifetime income /ream equival5t4  7iv7 
,limitation on liability ,no plan       
fiduci>y1 plan sponsor1 or o!r p]son    
%all h any liability "u ?is title solely
 by reason ( ! provision ( lifetime     
income /ream equival5ts :i* are d]iv$ 9 
accordance ) ! assumptions & rules      
describ$ 9 clause 7iii7 & :i* include ! 
explanations conta9$ 9 ! model lifetime 
income disclosure describ$ 9 clause     
7ii74 ,?is clause %all apply )\t reg>d  
to :e!r ! provision ( su* lifetime      
income /ream equival5t is requir$ by    
subp>agraph 7,b77iii74  7v7 ,effective  
date ,! requirem5t 9 subp>agraph        
7,b77iii7 %all apply to p5sion b5efit   
/atem5ts furni%$ m ?an #ab mon?s aft] ! 
late/ ( ! issuance by ! ,secret>y (--   
7,i7 int]im f9al rules "u clause 7i72   
7,,ii7 ! model disclosure "u clause     

7ii72 or  7,,iii7 ! assumptions "u      
clause 7iii74  4