Sec. 221. Lifetime income disclosure
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Section 105(a)(2)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1025(a)(2)(B)) is amended— in clause (i), by striking and at the end; in clause (ii), by striking the period at the end and inserting , and ; and by adding at the end the following: an illustration of the participant’s benefit as an estimated lifetime income stream beginning at retirement determined in accordance with assumptions and requirements established by regulation. . Section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104 ), as amended by section 105, is amended by adding at the end the following:
No plan fiduciary, plan sponsor, or other person shall have any liability under this title solely by reason of providing an illustration as required under section 105(a)(2)(B)(iii). . Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor shall issue regulations implementing the amendments made by subsections
(a)and (b). The requirement under section 105(a)(2)(B)(iii) of the Employee Retirement Income Security Act of 1974, as added by subsection (a)(3), shall apply to pension benefit statements furnished more than 1 year after the issuance of the final rules implementing section 105(a)(2)(B)(iii) of such Act.
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