Kelly Broadway, 202.627.1918, email@example.com
For Immediate Release
ERIC Urges Lawmakers to Modify Lifetime Income Disclosure Provisions
Washington, DC – The ERISA Industry Committee (ERIC) sent a letter to U.S. Representative Richard Neal (D-MA), Chairman of the House Ways and Means Committee, urging him to modify the Lifetime Income Disclosure Act (LIDA) provision currently contained in the Retirement Enhancement & Savings Act and the newly introduced SECURE Act.
In the letter, ERIC urged lawmakers to modify LIDA to:
- Provide greater flexibility to plan sponsors on how they communicate to plan participants on the importance of saving for a lifetime of needs
- Give participants the ability to model retirement income options based on their individual circumstances
“The rigidity of the mandated disclosure would create needless confusion, additional costs, and stifle innovation,” said Aliya Robinson, Senior Vice President, Retirement and Compensation Policy, ERIC. “ERIC strongly believes that there are better ways to increase plan participants’ understanding of the importance of saving for a lifetime of needs and we welcome the opportunity to work with lawmakers on ways to enhance retirement savings opportunities in a more effective and flexible manner than LIDA provides.”
ERIC previously shared alternative approaches that would encourage plan participants to consider lifetime income streams.
To read ERIC’s letter, click here.
About the ERISA Industry Committee
The ERISA Industry Committee (ERIC) is the only national association that advocates exclusively for large employers on health, retirement, and compensation public policies at the state, federal, and local levels. Learn more at eric.org.