Lawmakers are floating two bills to provide retirees with access to annuities and to modernize how they receive retirement statements.
Reps. Tim Walberg, R-Mich., and Lisa Blunt Rochester, D-Del., introduced Monday H.R. 4604, the Increasing Access to a Secure Retirement Act, while Reps. Phil Roe, R-Tenn. and Jared Polis, D-Colo., reintroduced H.R. 4610, the Receiving Electronic Statements to Improve Retiree Earnings Act, or RETIRE Act.
The Increasing Access to a Secure Retirement Act would enable employers to provide workers guaranteed lifetime income products in their retirement plans.
The bill provides a clear path for employers to meet their fiduciary obligations and will allow more retirement savers the opportunity to convert their retirement savings into guaranteed lifetime income.
The RETIRE Act enables employers to use electronic communications, reduce administrative costs, and maintain important safeguards to ensure participants who still want to receive required communications in paper format to do so.