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H.R. 1439 (116th): Increasing Access to a Secure Retirement Act of 2019

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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 Feb 28, 2019.

Increasing Access to a Secure Retirement Act of 2019

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