In an effort to combat the inadequacy of retirement funds for Baby Boomers, Representatives Stephanie Tubbs Jones (Democrat) and Phil English (Republican) reintroduced the Retirement Security for Life Act (H.R. 2205) on May 8, 2007 (originally introduced in 2004). The reintroduced House Bill proposes to amend the Internal Revenue Code of 1986 to create federal tax incentives encouraging investment of retirement assets in an individual life annuity – a product that provides the contract holder with an income stream for life. Specifically, the Bill will exclude from gross income 50% of the income generated by the annuity, up to $20,000 annually. The Bill also contemplates an inflation adjustment of the $20,000 cap starting in 2009. If adopted, it may assist retirees in better managing their assets. H.R. 2205 was referred to the House Committee on Ways and Means. Companion legislation was introduced in the Senate (S. 1010) on March 28, 2007.