House Ways and Means Committee chairman Kevin Brady, R-Texas, submitted an amendment to the Family Savings Act—legislation included in a package of bills as part of Tax Reform 2.0.
The amendment is a fiduciary rule safe harbor for the selection of a lifetime income provider for retirement plans.
The amendment says a fiduciary should engage “in an objective, thorough, and analytical search for the purpose of identifying insurers from which to purchase such contracts, considering the financial capability of the insurer to satisfy its obligations under the guaranteed retirement income contract as well as the cost (including fees and commissions) of the guaranteed retirement income contract offered by the insurer in relation to the benefits and product features of the contract and administrative services to be provided under the contract.
