Budd’s Lifetime Income Disclosure Act Passes the House

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Washington, May 23, 2019 | comments

Washington, D.C. - Representative Ted Budd (NC-13) released the following statement after the Lifetime Income Disclosure Act, which would require a lifetime expected income disclosure on retirement savings benefit statements, passed the House of Representatives:

“I’m pleased that we were able to introduce this important bipartisan legislation and I want to thank Representative Mark Pocan (WI-2) for his leadership on this bill in particular,” said Congressman Ted Budd. “The Lifetime Income Disclosure Act is a simple fix to a problem that many Americans might unknowingly face as many of us are under prepared or unprepared for retirement. Many Americans don’t know if their earned benefits (Social Security, Medicare) will sustain their lifestyle when paired with their savings throughout retirement. My bill fixes this problem by requiring 401(k) plans to show participants the monthly payment they would receive if their 401(k) savings were used to purchase an annuity. We need common sense, bipartisan solutions to big problems and I believe this bill falls into that category.”

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