,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #adci  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,febru>y #bh1         
#bjai,mr4 ,walb]g 7= himself1 ,ms4      
,blunt ,ro*e/]1 ,mr4 ,david ,p4 ,roe (  
,t5nessee1 ,ms4 ,sewell ( ,alabama1 ,mr4
 ,loebsack1 & ,mr4 ,mit*ell7 introduc$ !
 foll[+ bill2 :i* 0 ref]r$ to !         
,committee on ,education & ,labor  ,a   
,,bill  ,to am5d ! ,employee ,retirem5t 
,income ,security ,act ( #aigd to       
provide a fiduci>y safe h>bor = !       
selection ( a lifetime income provid]1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,increas+ ,access  
to a ,secure ,retirem5t ,act ( #bjai4   
#b4 ,fiduci>y safe h>bor = selection (  
lifetime income provid] ,section #djd ( 
! ,employee ,retirem5t ,income ,security
 ,act ( #aigd 7#bi ,u4,s4,c4 #aajd7 is  
am5d$ by add+ at ! end ! foll[+3  7e7   
,safe h>bor = annuity selection  7#a7 ,9
 g5]al ,) respect to ! selection ( an   
insur] = a gu>ante$ retirem5t income    
contract1 ! requirem5ts ( subsection    

7a77#a77;,b7 w be deem$ to be satisfi$  
if a fiduci>y--  7,a7 engages 9 an      
objective1 ?or\gh1 & analytical se>* = !
 purpose ( id5tify+ insur]s f :i* to    
pur*ase su* contracts2  7,b7 ) respect  
to ea* insur] id5tifi$ "u subp>agraph   
7,a7-- 7i7 consid]s ! f9ancial          
capability ( su* insur] to satisfy its  
obligations "u ! gu>ante$ retirem5t     
income contract2 &  7ii7 consid]s ! co/ 
7includ+ fees & commissions7 ( !        
gu>ante$ retirem5t income contract (f]$ 
by ! insur] 9 relation to ! b5efits &   
product features ( ! contract &         
adm9i/rative s]vices to be provid$ "u   
su* contract2 &  7,c7 on ! basis ( su*  
consid]ation1 concludes t-- 7i7 at ! "t 
( ! selection1 ! insur] is f9ancially   
capable ( satisfy+ its obligations "u ! 
gu>ante$ retirem5t income contract2 &   
7ii7 ! relative co/ ( ! select$ gu>ante$
 retirem5t income contract z describ$ 9 
subp>agraph 7,b77ii7 is reasonable4     
7#b7 ,f9ancial capability ( ! insur] ,a 
fiduci>y w be deem$ to satisfy !        

requirem5ts ( p>agraphs 7#a77;,b77i7 &  
7#a77;,c77i7 if-- 7,a7 ! fiduci>y obta9s
 writt5 repres5tations f ! insur] t--   
7i7 ! insur] is lic5s$ to (f] gu>ante$  
retirem5t income contracts2  7ii7 !     
insur]1 at ! "t ( selection & = ea* ( ! 
imm$iately prec$+ #g plan ye>s--  7,i7  
op]ates "u a c]tificate ( au?ority f !  
insurance commission] ( its domicili>y  
,/ate :i* has n be5 revok$ or susp5d$2  
7,,ii7 has fil$ audit$ f9ancial /atem5ts
 9 accordance ) ! laws ( its domicili>y 
,/ate "u applicable /atutory acc\nt+    
pr9ciples2  7,,iii7 ma9ta9s 7& has      
ma9ta9$7 res]ves :i* satisfies all !    
/atutory requirem5ts ( all ,/ates :]e ! 
insur] does bus9ess2 &  7,,iv7 is n     
op]at+ "u an ord] ( sup]vision1         
rehabilitation1 or liquidation2  7iii7 !
 insur] und]goes1 at lea/ e #e ye>s1 a  
f9ancial exam9ation 7)9 ! mean+ ( ! law 
( its domicili>y ,/ate7 by ! insurance  
commission] ( ! domicili>y ,/ate 7or    
repres5tative1 designee1 or o!r p>ty    
approv$ by su* commission]72 &  7iv7 !  

insur] w notify ! fiduci>y ( any *ange 9
 circum/ances occurr+ aft] ! provision (
 ! repres5tations 9 clauses 7i71 7ii71 &
 7iii7 :i* w\ld preclude ! insur] f mak+
 su* repres5tations at ! "t ( issuance (
 ! gu>ante$ retirem5t income contract2 &
  7,b7 aft] receiv+ su* repres5tations &
 z ( ! "t ( selection1 ! fiduci>y has n 
receiv$ any notice describ$ 9           
subp>agraph 7,a77iv7 & is 9 possession (
 no o!r in=mation :i* w\ld cause !      
fiduci>y to "q ! repres5tations provid$4
  7#c7 ,no requirem5t to select l[e/ co/
 ,no?+ 9 ?is subsection %all be con/ru$ 
to require a fiduci>y to select ! l[e/  
co/ contract4 ,a fiduci>y may consid] ! 
value ( a contract1 includ+ features &  
b5efits ( ! contract & attributes ( !   
insur] 7includ+1 )\t limitation1 !      
insur]'s f9ancial /r5g?7 9 conjunction )
 ! co/ ( ! contract4  7#d7 ,"t (        
selection  7,a7 ,9 g5]al ,= purposes (  
?is subsection1 ! "t ( selection is--   
7i7 ! "t t ! insur] & ! contract are    
select$ = di/ribution ( b5efits to a    

specific p>ticipant or b5efici>y2 or    
7ii7 if ! fiduci>y p]iodically reviews !
 cont9u+ appropriat5ess ( ! conclusion  
describ$ 9 p>agraph 7#a77;,c7 ) respect 
to a select$ insur]1 tak+ into acc\nt ! 
consid]ations describ$ 9 su* p>agraph1 !
 "t t ! insur] & ! contract are select$ 
to provide b5efits at future dates to   
p>ticipants or b5efici>ies "u ! plan4   
,no?+ 9 ! prec$+ s5t5ce %all be con/ru$ 
to require ! fiduci>y to review !       
appropriat5ess ( a selection aft] !     
pur*ase ( a contract = a p>ticipant or  
b5efici>y4  7,b7 ,p]iodic review ,a     
fiduci>y w be deem$ to h conduct$ !     
p]iodic review describ$ 9 subp>agraph   
7,a77ii7 if ! fiduci>y obta9s ! writt5  
repres5tations describ$ 9 clauses 7i71  
7ii71 & 7iii7 ( p>agraph 7#b77;,a7 f !  
insur] on an annual basis1 unless !     
fiduci>y receives any notice describ$ 9 
p>agraph 7#b77;,a77iv7 or o!rwise       
becomes aw>e ( facts t w\ld cause !     
fiduci>y to "q su* repres5tations4  7#e7
 ,limit$ liability ,a fiduci>y :i*      

satisfies ! requirem5ts ( ?is subsection
 %all n be liable foll[+ ! di/ribution (
 any b5efit1 or ! inve/m5t by or on     
behalf ( a p>ticipant or b5efici>y      
pursuant to ! select$ gu>ante$ retirem5t
 income contract1 = any losses t may    
result to ! p>ticipant or b5efici>y due 
to an insur]'s inability to satisfy its 
f9ancial obligations "u ! t]ms ( su*    
contract4  7#f7 ,def9itions ,= purposes 
( ?is subsection-- 7,a7 ,insur] ,! t]m  
insur] means an insurance company1      
insurance s]vice1 or insurance          
organization1 includ+ affiliates ( su*  
companies4  7,b7 ,gu>ante$ retirem5t    
income contract ,! t]m gu>ante$         
retirem5t income contract means an      
annuity contract = a fix$ t]m or a      
contract 7or provision or feature !re(7 
:i* provides gu>ante$ b5efits annually  
7or m frequ5tly7 = at lea/ ! rema9d] ( !
 life ( ! p>ticipant or ! jo9t lives ( !
 p>ticipant & ! p>ticipant's designat$  
b5efici>y z "p ( an individual acc\nt   
plan4  4