Members of the House today voted 237-187 to approve H.R. 5297, a bill that includes a provision that could make it easier for annuity holders to annuitize a portion of the assets held in a contract.
The Senate already has passed H.R. 5297, the Small Business Lending Fund Act bill, and President Obama is exepcted to sign the bill soon.
The bill is a vehicle for getting many loan programs and tax break extension provisions through Congress.
The partial annuitization provision would help annuity holders keep some assets in a contract as is and annuitize other assets. Today, annuity holders who want to do that must exchange a single annuity for two smaller annuities, and then annuitize the assets in one of the new annuities.