Days after the 116th Congress convened for business, bipartisan legislation that would relax the existing safe harbor for offering annuities in 401(k) plans was reintroduced in the House of Representatives.

The Increasing Access to a Secure Retirement Act, co-sponsored by Rep. Lisa Blunt Rochester, D-DE, and Rep. Tim Walberg, R-MI, would amend the Employee Retirement Income Security Act and give sponsors of 401(k) plans the regulatory clarity on annuities they've been requesting for years.

In 2008, the Bush-era Labor Department issued a safe harbor defining sponsors' fiduciary obligations when selecting annuity providers for retirement plans.

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