INFORM Act

8/24/2023, 3:00 PM

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 single life annuity and the qualified joint and survivor annuity, as well as the general tax rules for accepting such lump sum.

Congress
117
Number
S - 4087
Introduced on
2022-04-26
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

4/26/2022
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

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 single life annuity and the qualified joint and survivor annuity, as well as the general tax rules for accepting such lump sum.

Alternative Names
Official Title as IntroducedA 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.
Policy Areas
Labor and Employment

Comments

Recent Activity

Latest Summary8/24/2023

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 l...

Latest Action4/26/2022
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.