Rep. Rochester sponsors bill to increase guaranteed lifetime income products
U.S. Representatives Tim Walberg (R-MI) and Lisa Blunt Rochester (D-DE) introduced a bill to strengthen existing rules to increase access to guaranteed lifetime income products as an employee benefit.
“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,” Rochester said. “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.”
Only 10 percent of retirement plans includes a guaranteed lifetime income product, which the bill’s sponsor blame on unclear regulations.
“Saving for retirement is a difficult challenge for many families in Michigan and across the country,” Walberg said. “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.”