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More Pension Payout Info: Better Financial Decisions

New rules require pension plans to provide clear and detailed information before participants choose a lump sum payment over monthly annuity payments. This aims to help citizens make informed financial decisions about their retirement savings, protecting them from unfavorable choices.
Key points
Pension plans must inform about all available benefit options, including estimated monthly benefits and lump sum amounts.
You will receive an explanation of how the lump sum was calculated, including interest rates and mortality assumptions.
You will be informed about the potential risks of accepting a lump sum, such as loss of creditor protection or loss of government guarantees.
Plans must provide general tax rules related to lump sums, including rollover options and early distribution penalties.
Information will be presented in plain language, easy for anyone to understand, without legal jargon.
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Additional Information
Print number: 117_S_4087
Sponsor: Sen. Murray, Patty [D-WA]
Process start date: 2022-04-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

INFORM Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4087.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-26.

What are the main provisions?

Key points include:

  • Pension plans must inform about all available benefit options, including estimated monthly benefits and lump sum amounts.
  • You will receive an explanation of how the lump sum was calculated, including interest rates and mortality assumptions.
  • You will be informed about the potential risks of accepting a lump sum, such as loss of creditor protection or loss of government guarantees.
  • Plans must provide general tax rules related to lump sums, including rollover options and early distribution penalties.
  • Information will be presented in plain language, easy for anyone to understand, without legal jargon.
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 Sen. Murray, Patty [D-WA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Benefits Taxes