Blunt Rochester, Walberg Introduce Bipartisan Bill to Strengthen Retirement Security
Washington, D.C.—U.S. Representatives Tim Walberg (R-MI) and Lisa Blunt Rochester (D-DE) introduced H.R. 4604, the Increasing Access to a Secure Retirement Act, to help more Americans have peace of mind in their retirement years. The bipartisan bill clarifies and strengthens existing rules to make it easier for retirement plan sponsors to provide guaranteed lifetime income products as part of their employee benefits.
“Saving for retirement is a difficult challenge for many families in Michigan and across the country,” said Congressman Walberg. “To encourage and make saving easier, we should create more opportunities for employers to offer reliable investment options to the men and women they employ. Our bipartisan bill removes the regulatory uncertainty that hinder most employers from offering guaranteed lifetime income products, like annuities, to their workers. By establishing a clear set of rules, we can help more Americans retire with the certainty that they will have income to last throughout their retirement.”
“As lawmakers, we need to find solutions that give families a wider array of options to choose from in saving for their retirement. Delawareans and all Americans deserve more, not fewer opportunities in preparing for their future,” said Congresswoman Blunt Rochester. “This bipartisan bill will allow a greater number of employees the option of annuities as a part of their benefits packages. By clarifying rules surrounding annuity plans, we're broadening savings options available to employees across the country. I look forward to working with my colleagues on the Education and Workforce Committee to expand access, participation, and the variety of tools in saving for retirement."
Studies have shown that Americans are not saving enough to be financially secure throughout their retirement. Currently, only 10 percent of retirement plans in America offer a guaranteed lifetime income product—largely due to confusing and ambiguous regulations that employers must follow when selecting an insurance provider. To remove this uncertainty, the Increasing Access to a Secure Retirement Act establishes specific guidelines for employers who want to include annuities on their retirement plan menus.