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Life Health > Annuities > Fixed Annuities

Defense Bill Could Help Cannabis Workers Save for Retirement

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What You Need to Know

  • The SAFE Banking Act could help financial services companies sell IRAs, employer-sponsored retirement plans and insurance to cannabis-related companies and workers.
  • IRI says the House added the SAFE Banking bill to the must-pass defense authorization package.
  • The Senate will get a chance to draft its own version of the defense legislation.

The Insured Retirement Institute says the House added a cannabis-related measure to a big defense spending bill.

The House amended H.R. 7900, the National Defense Authorization Act for Fiscal Year 2023, to include the text of H.R. 1996, the Secure and Fair Enforcement Banking Act, according to IRI.

The House Rules Commission put the version of the SAFE Banking Act bill that was folded into the NDAA package in a 1,382-page amendment packet that was posted on the web last week.

Rep. Ed Perlmutter, D-Colo., proposed the amendment.

One provision would protect the officers, directors and employees of an insurer from federal liability if they help cannabis-related business with insurance or investments, IRI says.

IRI believes the measure will help financial services companies sell employer-sponsored retirement plans to cannabis companies and cannabis workers.

The Senate Armed Services Committee has drafted a version of the NDAA package that does not include the SAFE Banking Act provision. IRI says it’s hoping that the full Senate will add the provision when it considers its version of the package, or that House and Senate negotiators will add the provision as they’re ironing out differences between the House and Senate versions of the package.

(Image: Canna Obscura/Shutterstock)