Lifetime Income For Employees Act

Bill 117 hr 6746, also known as the Lifetime Income For Employees Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide employees with more options for receiving lifetime income through their retirement savings.

One key provision of the bill is the creation of a new type of retirement account called a "Lifetime Income Account." These accounts would be managed by employers and would allow employees to contribute a portion of their salary towards a guaranteed lifetime income stream. This would provide workers with a reliable source of income in retirement, helping to ensure financial security in their later years.

Additionally, the bill aims to increase access to annuities within retirement plans. Annuities are financial products that provide a guaranteed income stream for life, and the Lifetime Income For Employees Act would make it easier for employees to include annuities in their retirement savings plans. Overall, the Lifetime Income For Employees Act seeks to address the growing concern of Americans outliving their retirement savings. By providing more options for lifetime income and encouraging the use of annuities, this bill aims to help workers better prepare for a financially secure retirement.