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New Rules for Lifetime Income Investments in Retirement Plans

This act makes it easier for employers to offer lifetime annuities as a default investment option in retirement plans. This means a portion of your retirement contributions could be automatically invested in an annuity, providing regular payments after retirement. You will receive clear information about this option and retain control over your investment choices.
Key points
Allows automatic investment of retirement contributions into lifetime annuities, potentially providing steady income in retirement.
Requires employers to provide clear notice about this option, including investment rules and withdrawal rights.
Limits initial investment restrictions to 180 days and caps annuity allocation at 50% of your account.
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Expired
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Additional Information
Print number: 117_HR_6746
Sponsor: Rep. Norcross, Donald [D-NJ-1]
Process start date: 2022-02-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Lifetime Income For Employees Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6746.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-02-15.

What are the main provisions?

Key points include:

  • Allows automatic investment of retirement contributions into lifetime annuities, potentially providing steady income in retirement.
  • Requires employers to provide clear notice about this option, including investment rules and withdrawal rights.
  • Limits initial investment restrictions to 180 days and caps annuity allocation at 50% of your account.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Norcross, Donald [D-NJ-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and Labor.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Labor Benefits Economy