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US HR4604

Increasing Access to a Secure Retirement Act of 2017


summary

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)

Last Action

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

bill text


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