Retirement plans get one less rule to trip over when picking annuity providers

The US Labor Department removed an old rule about how retirement plans pick annuity providers. This means plan managers now only have to follow one set of rules, making it simpler to offer annuities.

For years, retirement plan managers had two different sets of rules to follow when choosing annuity providers, which created confusion and potential legal traps. This change means they can now rely on a single, clearer standard. It should make it easier for employers to offer annuities as part of their retirement plans, giving workers more options for guaranteed income in retirement.