Reps. Lisa Blunt Rochester, D-Delaware, and Tim Walberg, R-Michigan, introduced on March 1 HR 1439, the Increasing Access to a Secure Retirement Act, to help more Americans retire with dignity and peace of mind.
The bipartisan bill clarifies and strengthens existing rules to make it easier for retirement plan sponsors to provide guaranteed lifetime income products as part of their employee benefits.
“According to the Federal Reserve Bank of St. Louis, retirement savings are down by 75 percent over the last 50 years, and over one-third of surveyed households do not participate in a retirement plan today. This is an alarming trend that we must correct because all Americans deserve a financially secure future,” said Blunt Rochester. “By clarifying rules surrounding annuities and strengthening safe harbor protections for plans, we hope to increase the suite of saving options employers can offer and the amount employees choose to save. Our goal is to provide everyone with another tool in the toolbox so that more and more Americans can achieve their financial dreams. I am proud to reintroduce this legislation with Congressman Walberg, and I look forward to working with my colleagues in Congress to move this bill through the House.”
Studies have shown that Americans are not saving enough to be financially secure throughout their retirement. Currently, 10 percent of retirement plans in America offer a guaranteed lifetime income product due to regulations that employers must follow when selecting an insurance provider. To remove this uncertainty, this act establishes specific guidelines for employers who want to include annuities on their retirement plan menus.