The Honorable Johnny Isakson
United States Senate
131 Russell Senate Office Building
Washington, DC 20510
The Honorable Chris Murphy
United States Senate
136 Hart Senate Office Building
Washington, DC 20510
The Honorable Luke Messer
United States House of Representatives
1230 Longworth House Office Building
Washington, DC 20515
The Honorable Mark Pocan
United States House of Representatives
1421 Longworth House Office Building
Washington, DC 20515
RE: Lifetime Income Disclosure Act
Dear Senator Isakson, Senator Murphy, Congressman Messer, Congressman Pocan:
We are writing to you today in regards to the re-introduction of the Lifetime Income Disclosure Act in the 115th Congress. We applaud your efforts on putting forth policy proposals that focus on the importance of retirement savings for American workers. With respect to the legislation, we remain concerned that the mandate on employers to include the annuitized amount on retirement plan participant statements will only increase the cost to operate a plan and lead to mass confusion among participants. We would like to work with you to develop policy proposals that increase retirement savings, including the use of annuities, without a mandate on plan sponsors.
Our concerns with the measure are outlined in an attached letter we sent to the Chairman and Ranking Member of the Senate Finance Committee on November 29, 2016. The letter was in response to the measure receiving approval from the Senate Finance Committee, along with several other retirement related proposals.
We look forward to working with you on increasing retirement security and savings in America.
If you have any questions concerning our comments, or if we can be of further assistance, please contact Will Hansen at whansen@ERIC.org or 202-789-1400.
Sincerely,
Will Hansen
Senior Vice President, Retirement Policy