Senate Bill 3417
116th Congress(2019-2020)
INFORM Act
Introduced
Introduced in Senate on Mar 9, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3417
Congress
116
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
No Senate votes have been held for this bill.
Summary
Information Needed for Financial Options Risk Mitigation or the INFORM Act
This bill requires pension plan sponsors to provide certain information to participants and beneficiaries when the sponsor makes an offer to pay the plan's lifetime annuity as a lump sum. This includes the relative value of the lump sum option compared to the lifetime annuity and the general tax rules for accepting such lump sum.
March 9, 2020
03/09/2020
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
03/09/2020
Introduced in Senate
Public Record
Record Updated
Feb 8, 2022 11:15:53 PM