Senators Kent Conrad (D-N.D.) and Sen. Pat Roberts (R-Kan.) have introduced S. 1297, The Retirement Security for Life Act.

The act would provide a 50% tax break on as much as $20,000 in annual income from nonqualified lifetime annuities. The Senate bills mirrors H.R. 2748, the Retirement Security Needs Lifetime Pay Act, recently introduced into the House by Reps Early Pomeroy (D-N.D.) and Ginny Brown-Waite (R-Fla.).

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