Employment Law Updates | New Proposed Legislation

January 4, 2010

Senators Introduce Bipartisan Bill to Help Americans Better Prepare for Retirement

Lifetime Income Disclosure Act
S. 2832 , 12/2/2009

U.S. Senators Jeff Bingaman (D-NM), Johnny Isakson (R-GA), and Herb Kohl (D-WI) have introduced legislation to help Americans ensure they do not outlive their retirement savings.

The Senators’ Lifetime Income Disclosure Act (S. 2832) would require 401(k) plan sponsors to inform participating workers of the projected monthly income they could expect at retirement based on their current account balance. The measure is patterned on the Social Security Administration’s annual statements, which are mailed annually to working Americans to inform them of estimated monthly benefits based on their current earnings. Congress mandated annual Social Security statements in 1989, and they have proven…

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Companies Mentioned

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The following companies are mentioned in Employment Law Updates:

Equal Employment Opportunity Commission

Ontario Police Department

City of Ontario

Arch Wireless Operating Company, Inc.

B & D Contracting

Metropolitan Government of Nashville and Davidson County, Tennessee

Watkins Motor Lines, Inc.

Agere Systems, Inc. f.k.a. Lucent Technologies, Inc.

Tulsa Winch, Inc.

Ramsey Winch, Inc.

Norris

DP Manufacturing, Inc.

Auto Crane Company

Rosen Louik & Perry, P.C.

FBL Financial Group, Inc.

Granite Rock Company

International Game Tchnology

International Brotherhood of Teamsters

Manhattan Apartments Inc.

International Brotherhood of Teamsters, Freight Construction, General Drivers, Warehousemen & Helpers, Local 287 (AFL-CIO)

J. Kaz, Inc.d.b.a. Craftmatic of Pittsburgh

State Lottery Commission of Indiana d.b.a. The Hoosier Lottery

Association of Professional Flight Attendants

Kellogg Brown & Root technical Services, Inc.

AMR Corp.

Service Employees International, Inc.

American Airlines, Inc. a.k.a. American Eagle

Zurich American Insurance Co.

Highgate LTC Management, LLC

Autozone, Inc.

Southwestern Bell Video Services, Inc.

Temco Service Industries, Inc.

SBC Telecom, Inc.

14 Penn Plaza LLC

SBC Services, Inc.

City of Philadelphia

Pacific Telesis Group

Pacific Bell Telephone Co.

Northeastern Land Services, Ltd. d.b.a. NLS Group

Pacific Bell Information Services

LA Weight Loss, Inc. n.k.a. Pure Weight Loss, Inc.

Advanced Solutions, Inc.

Gold’n Plump Poultry, Inc.

Cardone Industries, Inc.

The Work Connection

Hosanna-Tabor Evangelical Lutheran Church and School

Pitt-Ohio Express, Inc.

Lehigh Valley Physicians Business Services, Inc.

BVP, LLC d.b.a. Big Vanilla Pasadena

Lehigh Valley Health Services, Inc.