INFORM Act

Hozzl · 2022-02-08T23:15:53Z

Explore the details of Senate Bill 3417 INFORM Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

2/8/2022, 11:15 PM

Congressional Summary of S 3417

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.

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Current Status of Bill S 3417

Bill S 3417 is currently in the status of Bill Introduced since March 9, 2020. Bill S 3417 was introduced during Congress 116 and was introduced to the Senate on March 9, 2020. Bill S 3417's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of March 9, 2020

Bipartisan Support of Bill S 3417

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3417

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill S 3417

INFORM Act

Information Needed for Financial Options Risk Mitigation

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.