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H.R. 4604 (115th): Increasing Access to a Secure Retirement Act of 2017

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 7, 2017.

Increasing Access to a Secure Retirement Act of 2017

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to specify optional measures that a fiduciary for a pension plan may take in selecting an insurer and a guaranteed retirement income contract to assure that the fiduciary meets the prudent man standard of care required under ERISA.

A "guaranteed retirement income contract" is an annuity contract for a fixed term or a contract (or provision or feature thereof) which provides guaranteed benefits annually (or more frequently) for at least the remainder of the life of the participant or joint lives of the participant and the participant's designated beneficiary as part of a defined contribution plan.