New Retirement Law Paves Way for Insurers to Tap Your 401(k)

Retirement plans featuring in-plan annuity investments stand to gain traction in the wake of a new landmark spending law, connecting workplace savers with lifetime income options and drawing closer ties with insurance providers that regulators have previously kept at bay.

SECURE 2.0 (Pub.L. 117-328), which President Joe Biden signed into law Dec. 29 as part of an end-of-year government spending package, streamlines the process for investing in insurance contracts that hedge against outliving retirement savings and nixes burdensome minimum distribution requirements for late-career annuity purchases.

Those measures come on the heels of the 2019 SECURE Act (Pub.L. ...