The gist

Lets workers age 50+ roll part of their 401(k) into an individual retirement annuity before retiring, and standardizes the plain-language notice plans must give about rollovers.

Who wins, who loses

• Wins: workers 50+ wanting guaranteed lifetime income; insurance companies selling annuities.
• Loses: no one materially; critics worry about annuity fees eating into savings.

What it does

• Amends Internal Revenue Code Section 401(k) to allow in-service rollovers to annuities at age 50+.
• Covers employer contributions tied to employee elections, not just employee deferrals.
• Creates a safe harbor: 14-point plain-language explanation of rollover rights and tax rules.
• Notes the 30-day review window, 60-day indirect rollover deadline, and $7,000 auto-cashout threshold. Effective for tax years after December 31, 2025.

Why should I care?

Retirement feels far away, but rules set now shape parents' and future workers' choices. Supporters say earlier annuity access gives older workers guaranteed income and clearer notices reduce costly mistakes. Critics argue annuities carry high fees and locking up 401(k) money early limits flexibility. Where do you land? Vote below and use "Tell Your Rep" to make sure your voice reaches Congress.