U.S. Senator Chris Murphy (D-Conn.) and U.S. Senator Johnny Isakson (R-Ga.) on Wednesday applauded the advancement of their bipartisan legislation to help Americans plan in advance to help ensure they do not outlive their retirement savings. Isakson and Murphy’s Lifetime Income Disclosure Act was included in the Retirement Enhancement and Savings Act of 2016, which passed the United States Senate Finance Committee with unanimous bipartisan support.

The bill 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, providing workers a more complete snapshot of their projected income in retirement. The measure is patterned on annual statements provided by the Social Security Administration, which are mailed to working Americans each year 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.

“When I talk to people in Connecticut, I can’t even tell you how many bring up saving for retirement as one of their top concerns. And I get it – how many people actually feel confident about their savings? It’s hard to know when to save, how much to save, let alone what to do with the money once you’ve set it aside. Most Americans feel like they’re flying blind,” said Murphy. “This bill would provide what too many Americans lack when planning for retirement – information. I’m glad it advanced with bipartisan support, and I’ll keep working to get it through Congress and signed into law.”

“American workers need access to the best available information about their investment choices and exactly what they will yield upon retirement. This information not only helps them to plan, but promotes increased savings while they are still in the work force,” said Isakson. “Defined contribution plans such as 401(k)s are the retirement plans we count on in America, and this legislation will encourage participants to think of their 401(k) investments as a vehicle for lifetime income.”