Bipartisan Bill Would Allow Annuities as Default Option

February 22, 2022 by Contributor

(NAPA – National Association of Plan Advisors) – Key members of the House of Representatives have reintroduced legislation to allow retirement plan sponsors to provide annuities as a default option in their DC plans.   

Reps. Donald Norcross (D-NJ) and Tim Walberg (R-MI), who serve together on the House Committee on Education and Labor’s Health, Employment, Labor and Pensions (HELP) Subcommittee, on Feb. 15 reintroduced the Lifetime Income for Employees (LIFE) Act of 2022. The legislation was referred to the House Education and Labor Committee, on which both members serve. 

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Originally Posted at The Wealth Advisor on February 16, 2022 by Contributor.