H.R. 1439, known as the Increasing Access to a Secure Retirement Act, would establish a stronger Employee Retirement Income Security Act (ERISA) safe harbor for defined contribution (DC) plan sponsors to offer in-plan guaranteed income products.
Tag: annuity selection safe harbor
The House Ways and Means Committee Chairman submitted an amendment to the Family Savings Act.
Plan sponsors cite a number of reasons for being unlikely to offer an annuity-type product in the near term; top reasons include the belief that it is unnecessary or not a priority, and being uncomfortable or unclear about the fiduciary implications.
The bill would facilitate lifetime income disclosure, clarify the current annuity selection safe harbor and expand access to multiple employer plans.