US HR1439

Bill

US HR1439

Increasing Access to a Secure Retirement Act of 2019

Introduced
02/28/2019

In Committee
02/28/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To amend the Employee Retirement Income Security Act of 1974 to provide a fiduciary safe harbor for the selection of a lifetime income provider, and for other purposes. This bill specifies optional measures that a fiduciary for a pension plan may take in selecting an insurer for a guaranteed retirement income contract to assure that the fiduciary meets the prudent man standard of care required under the Employee Retirement Income Security Act of 1974 (ERISA). A "guaranteed retirement income contract" is an annuity contract for a fixed term or a contract (or provision or feature thereof) which provides guaranteed benefits annually (or more frequently) for at least the remainder of the life of the participant or joint lives of the participant and the participant's designated beneficiary as part of a defined contribution plan.

AI Summary

This bill, the Increasing Access to a Secure Retirement Act of 2019, amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide a fiduciary safe harbor for the selection of a "guaranteed retirement income contract," which is defined as an annuity contract or a contract that provides guaranteed lifetime benefits for participants in a defined contribution plan. The bill specifies optional measures a fiduciary can take to meet the prudent man standard of care under ERISA when selecting an insurer for such a contract, including assessing the insurer's financial capability and the reasonableness of the contract's cost. The bill also states that a fiduciary is not liable for losses resulting from an insurer's inability to satisfy its financial obligations under the selected contract if the fiduciary follows the safe harbor provisions.

Committee Categories

Education

Sponsors (8)

Tim Walberg (R)*, Lisa Blunt Rochester (D), David Loebsack (D), Paul Mitchell (I), Joe Morelle (D), David Roe (R), Terri Sewell (D), Ron Wright (R),

Last Action

Referred to the House Committee on Education and Labor. (on 02/28/2019)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/1439/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/1439/all-info
BillText	https://www.congress.gov/116/bills/hr1439/BILLS-116hr1439ih.pdf
Bill	https://www.congress.gov/116/bills/hr1439/BILLS-116hr1439ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1007	Retirement Enhancement and Savings Act of 2019	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR1084	Family Savings Act of 2019	Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR1865	National Law Enforcement Museum Commemorative Coin Act	Became Public Law No: 116-94. (TXT \| PDF)	Related
HR1994	Setting Every Community Up for Retirement Enhancement Act of 2019	Received in the Senate.	Related
HRes389	Providing for consideration of the bill (H.B. 1500) to require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes; providing for consideration of the bill (H.B. 1994) to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes; providing for proceedings during the period from May 24, 2019, through May 31, 2019; and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To

Bill > HR1439

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (8)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary