Bill Proposes Mandatory ERISA Payment Disclosures

Law360, New York (December 3, 2009, 6:05 PM EST) -- In an effort to help aging Americans better prepare for retirement, Sens. Jeff Bingaman, D-N.M., Johnny Isakson, R-Ga., and Herb Kohl, D-Wis., introduced legislation Thursday that would require 401(k) plan sponsors to disclose each worker’s projected monthly income during retirement.

The senators announced the Lifetime Income Disclosure Act, which would add new disclosure rules to the Employee Retirement Income Security Act.

The proposed bill is based on the Social Security Administration’s annual statements, which inform workers annually via mail of estimated monthly benefits based on their...
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