Reps. Tim Walberg (R-MI) and Lisa Rochester (D-DE) have introduced the Increasing Access to Secure Retirement Act (H.R. 4604), which is legislation intended to clarify and simplify rules under which retirement plan sponsors may offer certain lifetime income investments to their plans’ participants.
These investments are commonly annuity products that provide guaranteed income to participants and beneficiaries.
It is believed that some plan sponsors have been reluctant to offer these investments for fear of fiduciary liability, concerns this legislation is intended to address. H.R. 4604 has been referred to the House Committee on Education and the Workforce.