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REGULATION/LEGISLATION

Lifetime income disclosure legislation introduced

Bipartisan legislation that would require employer-sponsored retirement plans to provide estimates of how much lifetime income can be generated from participants' existing retirement savings accounts was introduced Thursday in the Senate by Sens. Johnny Isakson, R-Ga., and Chris Murphy, D-Conn., and in the House of Representatives by Luke Messer, R-Ind., and Mark Pocan, D-Wis.

Catherine Weatherford, president and CEO of the Insured Retirement Institute, said in a statement that the proposed Lifetime Income Disclosure Act would increase consumer education “which is vital to ensuring financially secure retirements.”