An open letter from NAFA General Counsel Pam Heinrich
On Thursday evening the U.S. House of Representatives passed the Family Savings Act, H.R. 6757. NAFA is pleased that Chairman Brady modified the bill to include annuity safe harbor language, which will help employers provide valuable lifetime income options, namely annuities, in their employee retirement plans.
We thank NAFA members who engaged in grassroots efforts earlier this week to ask for inclusion of this important annuity safe harbor in the final bill.
In addition, the Family Savings Act incorporates several bipartisan provisions related to lifetime income and savings options in the employer-provided retirement system that have long been supported by our industry. In particular, the legislation includes provisions to allow small employers to join together to offer workplace retirement plans, and it provides lifetime income portability protections for savers who participate in plans undergoing changes.
The bill will now move to the Senate, where we hope additional policy refinements will be added to help retirement savers, including adding lifetime income disclosure and removing the automatic escalation cap. Please stay tuned for developments.
Thank you, together our voices are stronger,
General Counsel & Director of Government Affairs
[email protected]; (414) 332-9306 x 6
NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA’s membership represents every aspect of the fixed annuity marketplace covering 85% of fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit www.nafa.com.