,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #adci  ,,in ,,the ,,house ,,of  
,,representatives  ,february #bh1       
#bjai,mr4 ,walberg 7for himself1 ,ms4   
,blunt ,rochester1 ,mr4 ,david ,p4 ,roe 
of ,tennessee1 ,ms4 ,sewell of ,alabama1
 ,mr4 ,loebsack1 and ,mr4 ,mitchell7    
introduced the following bill2 which was
 referred to the ,committee on          
,education and ,labor  ,a ,,bill  ,to   
amend the ,employee ,retirement ,income 
,security ,act of #aigd to provide a    
fiduciary safe harbor for the selection 
of a lifetime income provider1 and for  
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,increasing    
,access to a ,secure ,retirement ,act of
 #bjai4  #b4 ,fiduciary safe harbor for 
selection of lifetime income provider   
,section #djd of the ,employee          
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #aajd7 is amended  
by adding at the end the following3  7e7
 ,safe harbor for annuity selection     
7#a7 ,in general ,with respect to the   

selection of an insurer for a guaranteed
 retirement income contract1 the        
requirements of subsection 7a77#a77;,b7 
will be deemed to be satisfied if a     
fiduciary--  7,a7 engages in an         
objective1 thorough1 and analytical     
search for the purpose of identifying   
insurers from which to purchase such    
contracts2  7,b7 with respect to each   
insurer identified under subparagraph   
7,a7-- 7i7 considers the financial      
capability of such insurer to satisfy   
its obligations under the guaranteed    
retirement income contract2 and  7ii7   
considers the cost 7including fees and  
commissions7 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 such contract2 and  7,c7 on the   
basis of such consideration1 concludes  
that-- 7i7 at the time of the selection1
 the insurer is financially capable of  
satisfying its obligations under the    

guaranteed retirement income contract2  
and  7ii7 the relative cost of the      
selected guaranteed retirement income   
contract as described in subparagraph   
7,b77ii7 is reasonable4  7#b7 ,financial
 capability of the insurer ,a fiduciary 
will be deemed to satisfy the           
requirements of paragraphs 7#a77;,b77i7 
and 7#a77;,c77i7 if-- 7,a7 the fiduciary
 obtains written representations from   
the insurer that--  7i7 the insurer is  
licensed to offer guaranteed retirement 
income contracts2  7ii7 the insurer1 at 
the time of selection and for each of   
the immediately preceding #g plan       
years--  7,i7 operates under a          
certificate of authority from the       
insurance commissioner of its           
domiciliary ,state which has not been   
revoked or suspended2  7,,ii7 has filed 
audited financial statements in         
accordance with the laws of its         
domiciliary ,state under applicable     
statutory accounting principles2        
7,,iii7 maintains 7and has maintained7  

reserves which satisfies all the        
statutory requirements of all ,states   
where the insurer does business2 and    
7,,iv7 is not operating under an order  
of supervision1 rehabilitation1 or      
liquidation2  7iii7 the insurer         
undergoes1 at least every #e years1 a   
financial examination 7within the       
meaning of the law of its domiciliary   
,state7 by the insurance commissioner of
 the domiciliary ,state 7or             
representative1 designee1 or other party
 approved by such commissioner72 and    
7iv7 the insurer will notify the        
fiduciary of any change in circumstances
 occurring after the provision of the   
representations in clauses 7i71 7ii71   
and 7iii7 which would preclude the      
insurer from making such representations
 at the time of issuance of the         
guaranteed retirement income contract2  
and  7,b7 after receiving such          
representations and as of the time of   
selection1 the fiduciary has not        
received any notice described in        

subparagraph 7,a77iv7 and is in         
possession of no other information which
 would cause the fiduciary to question  
the representations provided4  7#c7 ,no 
requirement to select lowest cost       
,nothing in this subsection shall be    
construed to require a fiduciary to     
select the lowest cost contract4 ,a     
fiduciary may consider the value of a   
contract1 including features and        
benefits of the contract and attributes 
of the insurer 7including1 without      
limitation1 the insurer's financial     
strength7 in conjunction with the cost  
of the contract4  7#d7 ,time of         
selection  7,a7 ,in general ,for        
purposes of this subsection1 the time of
 selection is-- 7i7 the time that the   
insurer and the contract are selected   
for distribution of benefits to a       
specific participant or beneficiary2 or 
7ii7 if the fiduciary periodically      
reviews the continuing appropriateness  
of the conclusion described in paragraph
 7#a77;,c7 with respect to a selected   

insurer1 taking into account the        
considerations described in such        
paragraph1 the time that the insurer and
 the contract are selected to provide   
benefits at future dates to participants
 or beneficiaries under the plan4       
,nothing in the preceding sentence shall
 be construed to require the fiduciary  
to review the appropriateness of a      
selection after the purchase of a       
contract for a participant or           
beneficiary4  7,b7 ,periodic review ,a  
fiduciary will be deemed to have        
conducted the periodic review described 
in subparagraph 7,a77ii7 if the         
fiduciary obtains the written           
representations described in clauses    
7i71 7ii71 and 7iii7 of paragraph       
7#b77;,a7 from the insurer on an annual 
basis1 unless the fiduciary receives any
 notice described in paragraph          
7#b77;,a77iv7 or otherwise becomes aware
 of facts that would cause the fiduciary
 to question such representations4  7#e7
 ,limited liability ,a fiduciary which  

satisfies the requirements of this      
subsection shall not be liable following
 the distribution of any benefit1 or the
 investment by or on behalf of a        
participant or beneficiary pursuant to  
the selected guaranteed retirement      
income contract1 for any losses that may
 result to the participant or           
beneficiary due to an insurer's         
inability to satisfy its financial      
obligations under the terms of such     
contract4  7#f7 ,definitions ,for       
purposes of this subsection-- 7,a7      
,insurer ,the term insurer means an     
insurance company1 insurance service1 or
 insurance organization1 including      
affiliates of such companies4  7,b7     
,guaranteed retirement income contract  
,the term guaranteed retirement income  
contract means an annuity contract for a
 fixed term or a contract 7or provision 
or feature thereof7 which provides      
guaranteed benefits annually 7or more   
frequently7 for at least the remainder  
of the life of the participant or the   

joint lives of the participant and the  
participant's designated beneficiary as 
part of an individual account plan4  4