H.R.4604 - Increasing Access to a Secure Retirement Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Walberg, Tim [R-MI-7] (Introduced 12/07/2017)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 12/07/2017 Referred to the House Committee on Education and the Workforce. (All Actions)|
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Summary: H.R.4604 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (12/07/2017)
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.