Bill Would Clear Way for More Annuities in Retirement Plans

Lawmakers on Monday introduced the Increasing Access to a Secure Retirement Act, which would enable employers to provide workers guaranteed lifetime income products in their retirement plans, reports Think Advisor . 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. Another measure, introduced last month, enables employers to use electronic communications when conveying retirement plan information to participants, thus reducing administrative costs. It also maintains important safeguards to ensure participants who still want to receive required communications in paper format continue to do so.