HOUSE PASSES FAMILY SAVINGS ACT

Posted on September 27, 2018

Measure To Bolster Retirement Security

Washington, D.C. – The House of Representatives today passed retirement security legislation that will increase access to employer-provided retirement plans and make it easier for employers to offer guaranteed lifetime income products in those plans.

The Family Savings Act, HR 6757, will help to increase access to employer-provided retirement plans by eliminating barriers which restricts the types of small business employers who are permitted to band together to offer a retirement plan through a Multiple Employer Plan (MEPs).

The bill also includes a provision to improve access to guaranteed lifetime income solutions like annuities by making it easier for employers to offer such products to their employees and ensuring that retirement plan participants can better preserve the lifetime income protections they have accumulated over the years.

“This is a significant step toward enactment of much-needed comprehensive retirement security legislation this year,” said Cathy Weatherford, president and CEO, Insured Retirement Institute (IRI). “We are very grateful to Ways and Means Committee Chairman Kevin Brady and Education and the Workforce Committee Chair Virginia Foxx for their leadership in advancing this bill and look forward to continuing to work with them and with the Senate to send a bill to the president before Congress adjourns.”

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Contact: Dan Zielinski