WASHINGTON BUREAU — The House Veterans’ Affairs Committee has approved a proposal that could affect retained asset account (RAA) disclosures.
H.R. 5993, the Securing America’s Veterans Insurance Needs and Goals (SAVINGS) Act of 2010, would require insurers in the Servicemembers’ Group Life Insurance (SGLI) program that offer RAAs to provide information about the RAAs, including a comparison of the RAA interest rate and the rate the funds might earn if held in a financial institution, to the beneficiaries of soldiers who die.
The bill, introduced by Rep. Deborah Halvorson, D-Ill., also would require the U.S. Department of Veterans Affairs (VA) to report to Congress each year on the number of SGLI beneficiaries getting RAA counseling and any recommendations or complaints about the RAA counseling.
Rep. Bob Filner, D-Calif., chairman of the House Veterans’ Affairs Committee panel, says his committee and the House Government Reform and Oversight Committees both plan to hold hearings on RAAs by Oct. 14, before Congress leaves for its fall recess.
Filner’s committee sent H.R. 5993 to the House floor despite the opposition of Rep. Steve Buyer, R-Ind., the highest-ranking Republican on the panel.
Buyer said he believes the committee should hold a hearing on the issue before sending the bill to the floor.