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.
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.
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.
Message on House action received in Senate and at desk: House amendment to Senate amendment.
Read twice and referred to the Committee on Finance.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Education and the Workforce.
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