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INFORM Act

8/24/2023, 3:00 PM

Congressional Summary of S 4087

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.

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Current Status of Bill S 4087

Bill S 4087 is currently in the status of Bill Introduced since April 26, 2022. Bill S 4087 was introduced during Congress 117 and was introduced to the Senate on April 26, 2022.  Bill S 4087's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of April 26, 2022

Bipartisan Support of Bill S 4087

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
3
Democrat Cosponsors
2
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 4087

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill S 4087

INFORM Act
INFORM Act
Information Needed for Financial Options Risk Mitigation Act
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.

Comments

Sponsors and Cosponsors of S 4087

Patty Murray
Patty Murray
WashingtonDemocrat
Tina Smith
Tina Smith
MinnesotaDemocrat
Bill Cassidy
Bill Cassidy
LouisianaRepublican
Tammy Baldwin
Tammy Baldwin
WisconsinDemocrat

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