A bill to require pension plans that offer participants and beneficiaries the option of receiving lifetime annuity payments as lump sum payments, to meet certain notice and disclosure requirements.
Information Needed for Financial Options Risk Mitigation or the INFORM Act
This bill requires pension plan sponsors to provide certain information to participants and beneficiaries when the sponsor makes an offer to pay the plan's lifetime annuity as a lump sum. This includes the relative value of the lump sum option compared to the lifetime annuity and the general tax rules for accepting such lump sum.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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