Days after the 116th Congress convened for business, bipartisan legislation that would relax the existing safe harbor for offering annuities in 401(k) plans was reintroduced in the House of Representatives.
The Increasing Access to a Secure Retirement Act, co-sponsored by Rep. Lisa Blunt Rochester, D-DE, and Rep. Tim Walberg, R-MI, would amend the Employee Retirement Income Security Act and give sponsors of 401(k) plans the regulatory clarity on annuities they've been requesting for years.
In 2008, the Bush-era Labor Department issued a safe harbor defining sponsors' fiduciary obligations when selecting annuity providers for retirement plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
