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New Rules for Lifetime Income Investments in Retirement Plans

This act makes it easier for companies 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 products that provide regular payments after you retire. You will receive information about these investments and retain the ability to change them.
Key points
Allows automatic investment of a portion of retirement contributions into lifetime annuities, providing steady payments in retirement.
Requires plan participants to be informed about the details of annuity investments, including any restrictions on accessing funds.
Ensures no more than 50% of funds can be defaulted into an annuity, and there are no liquidity restrictions for the first 180 days.
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Expired
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Additional Information
Print number: 118_HR_3942
Sponsor: Rep. Norcross, Donald [D-NJ-1]
Process start date: 2023-06-09
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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 118_HR_3942.

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 2023-06-09.

What are the main provisions?

Key points include:

  • Allows automatic investment of a portion of retirement contributions into lifetime annuities, providing steady payments in retirement.
  • Requires plan participants to be informed about the details of annuity investments, including any restrictions on accessing funds.
  • Ensures no more than 50% of funds can be defaulted into an annuity, and there are no liquidity restrictions for the first 180 days.
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 the Workforce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Labor Benefits Economy