Bill Calls For 401(k) Income Estimates

"While most workers recognize the need to accumulate retirement assets, too few think about the need to assure that those assets will last a lifetime," said Frank Keating, president and CEO of the ACLI.

He said the legislation would help workers visualize how long their retirement savings would last as they draw down their assets over the course of retirement.

"This will help workers make better retirement planning decisions," Keating said. "Many workers may realize they need to save more and find ways to manage their assets to last a lifetime."

The bill is based 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 to be very useful to workers in preparing for retirement," the 3 senators said in explaining their bill. "By providing similar information for 401(k) plans, the bill would give American workers a more complete snapshot of their projected income in retirement."