Among the bills Schoening is watching is the Lifetime Income For Employees Act, or the LIFE Act, for short. Its supporters, led by Reps. Donald Norcross, D-New Jersey, and Tim Walberg, R-Michigan, say the legislation would allow annuities to be part of a default investment in an employer-provided 401(k), with the stated goal of supporting workers as they seek to build a steady, guaranteed income stream during retirement.