Revived Bill Would Allow Annuities as Default 401(k) Investment

February 22, 2022 by Melanie Waddell

Reps. Donald Norcross, D-N.J., and Tim Walberg, R-Mich., reintroduced legislation Tuesday, the Lifetime Income for Employees (LIFE) Act of 2022, that would allow annuities to be a default investment option in employer-sponsored 401(k) plans.

The bill builds on the Setting Every Community Up for Retirement Enhancement (Secure) Act by allowing retirement plan sponsors to use annuities as qualified default investment alternatives, or QDIAs, for a portion of contributions made by participants who have not made investment selections.

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Originally Posted at ThinkAdvisor on February 16, 2022 by Melanie Waddell.