1. Short title This Act may be cited as the Lifetime Income For Employees Act . 2. Default investment in annuity contracts Section 404(c)(5) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(c)(5) ) is amended— (1) in subparagraph (A), by adding at the end the following: Default investments made under this subparagraph may include a covered annuity contract. ; and (2) by adding at the end the following: (C) Covered annuity contract (i) In general The term covered annuity contract means an investment in an annuity contract that meets the following requirements: (I) The annuity contract does not impose a liquidity restriction on the transfer of invested amounts during the 180-day period beginning on the date of the initial investment in such contract by the participant or beneficiary. (II) The fiduciary ensures that each participant or beneficiary is provided not later than 30 days before the date of the imposition of a liquidity restriction described in subclause (I) written notice in a manner that is reasonably designed to be understood by the average plan participant, that includes— (aa) an explanation of the circumstances under which assets in the account may be invested on behalf of the participant or beneficiary in the annuity contract, including an explanation of the targeted range and maximum amount or percentage of such assets to be invested; (bb) an explanation of the rights, and any limitations or restrictions thereon, of a participant or beneficiary to direct or transfer amounts invested, or to be invested, in an annuity contract to other investment alternatives available under the plan; (cc) a general description of the annuity contract, including the duration of guaranteed payments and identification of the insurer; (dd) an explanation of how a participant or beneficiary may obtain additional information, in writing or electronically, about their investment alternatives