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|Lifetime Income Disclosure Bill Introduced in Senate|
October Three Consulting
July 23, 2015
"The bill would require that a DC plan administrator provide participants, in at least 'one pension benefit statement during any one 12-month period,' a description of the 'lifetime income stream equivalent' of the participants' 'total accrued benefits.' 'Lifetime income stream equivalent' is defined as 'the amount of monthly payments the participant ... would receive if the total accrued benefits of such participant ... were used to provide (i) a qualified joint and survivor annuity and (ii) a single life annuity.' "
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