US HR4604

Bill

Increasing Access to a Secure Retirement Act of 2017

Introduced
12/07/2017

In Committee
12/07/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Increasing Access to a Secure Retirement Act of 2017 This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to specify optional measures that a fiduciary for a pension plan may take in selecting an insurer and a guaranteed retirement income contract to assure that the fiduciary meets the prudent man standard of care required under 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 amends the Employee Retirement Income Security Act (ERISA) to provide a fiduciary safe harbor for the selection of a lifetime income provider, or "guaranteed retirement income contract," which is an annuity contract or a contract that provides guaranteed lifetime benefits as part of a defined contribution plan. The bill outlines specific requirements a fiduciary must meet to be deemed to have satisfied the prudent man standard of care, including conducting an objective search to identify insurers, considering the financial capability and relative cost of the contracts offered, and concluding that the selected insurer is financially capable and the contract's cost is reasonable. The fiduciary is not required to select the lowest-cost contract, but may consider the value and features of the contract and attributes of the insurer. The bill also limits the fiduciary's liability for losses resulting from the insurer's inability to satisfy its obligations under the selected contract.

Committee Categories

Education

Sponsors (9)

Tim Walberg (R)*, Lisa Blunt Rochester (D), Ron Kind (D), David Loebsack (D), Luke Messer (R), Paul Mitchell (I), Donald Norcross (D), David Roe (R), Terri Sewell (D),

Last Action

Referred to the House Committee on Education and the Workforce. (on 12/07/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/4604/all-info

(4 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/4604/all-info
BillText	https://www.congress.gov/115/bills/hr4604/BILLS-115hr4604ih.pdf
Bill	https://www.congress.gov/115/bills/hr4604/BILLS-115hr4604ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR4637	SAVE Act of 2017 Small businesses Add Value for Employees Act of 2017	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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
HR5282	Retirement Enhancement and Savings Act of 2018	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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
HR88	Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act	Message on House action received in Senate and at desk: House amendment to Senate amendment.	Related
S2526	Retirement Enhancement and Savings Act of 2018	Read twice and referred to the Committee on Finance.	Related

Bill > HR4604

US HR4604

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (9)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary