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

Employment Law

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

Scolari's Warehouse Markets, Inc. d.b.a. Scolari's Food and Drug

Advanced Solutions, Inc.

Cardone Industries, Inc.

Hosanna-Tabor Evangelical Lutheran Church and School

Lehigh Valley Physicians Business Services, Inc.

Lehigh Valley Health Services, Inc.

Huron Valley Ambulance, Inc.

American Insurance Co.

Wal-Mart Stores, Inc.

City of Chicago

Reliance Standard Life Insurance Co.

Granite Rock Company

International Brotherhood of Teamsters

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

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

Kellogg Brown & Root technical Services, Inc.

Service Employees International, Inc.

ConocoPhillips

Zurich American Insurance Co.

Autozone, Inc.

AT&T Corp.

Temco Service Industries, Inc.

FBL Financial Group, Inc.

14 Penn Plaza LLC

International Game Tchnology

City of Philadelphia

Manhattan Apartments Inc.

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

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

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

Association of Professional Flight Attendants

Gold’n Plump Poultry, Inc.

AMR Corp.

The Work Connection

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

Pitt-Ohio Express, Inc.

Highgate LTC Management, LLC