H.R. 1439 · 116th Congress
Increasing Access to a Secure Retirement Act of 2019
- Stage
- In committee
- Sponsor
- Tim Walberg
- Introduced
- 2019-02-28
- Latest action
- 2019-02-28 · Introduced in House
Summary
Increasing Access to a Secure Retirement Act of 2019
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.