BY ARTHUR D. POSTAL
House Majority Leader John Boehner says progress is being made in crafting compromise defined benefit pension reform legislation.
Boehner vowed there would be a provision in the bill allowing insurance agents to provide investment advice to their 401(k) customers “in some form.”
He made his comments before the annual national legislative conference and convention of the Independent Insurance Agents and Brokers of America.
While the insurance industry plays a key role in funding defined benefit plans, its major interest in the legislation are provisions that add a long term care rider to annuities, provide for automatic enrollment in 401(k) programs for new employees and allow agents to provide investment advice where the insurer they work for administers a 401(k) program for a company.
The industry also wants the final bill to include language that would codify current tax treatment of corporate owned life insurance and establish certain best practices for their sale.