|Targeted News Service|
"Bipartisan legislation introduced in
"Under the Lifetime Income Disclosure Act, participants in workplace retirement plans would receive an annual statement of how their lump-sum savings translate into a lifetime stream of monthly income. This vital information would make it easier for workers to understand how their savings will address their month-to-month living expenses.
"ACLI is proud to endorse the Lifetime Income Disclosure Act. It represents a major step forward in helping workers address their retirement security needs. More and more Americans can look forward to spending 20, 30 or more years in retirement. Careful planning is necessary to assure that retirees enjoy the peace-of-mind and dignity they deserve when their working days are over.
"Effective planning means that workers must understand how their lump-sum savings will address their regular monthly expenses–such as housing, food, utilities and medical services–over the entire course of their lives. With the information provided by the Lifetime Income Disclosure Act, planning will be much easier.
"The legislation was introduced in the
"Taken together, the Lifetime Income Disclosure Act and the DOL draft proposal show there is tremendous momentum behind efforts to give retirement plan participants a leg up in their retirement planning. ACLI strongly supports these efforts."
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