This bill amends the Internal Revenue Code to allow distributions from certain tax-favored employer-sponsored retirement plans if a lifetime income investment or managed account investment is no longer authorized to be held as an investment option under the plan.

If a lifetime income or managed account investment is no longer authorized to be held as an investment option under the plan, the bill allows: (1) qualified distributions of a lifetime income investment or a managed account investment, or (2) distributions of a lifetime income investment in the form of a qualified plan distribution annuity contract.

A "qualified distribution" is a direct trustee-to-trustee transfer to an eligible retirement plan. A "qualified plan distribution annuity contract" is an annuity contract purchased for a participant and distributed to the participant by an employer-sponsored retirement plan.