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99 Matching News Items

1.  Testimony of the Insured Retirement Institute at DOL Hearing on Proposed Retirement Security Rule (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 12, 2023
"The proposed rule is completely contrary to the President's inclusive economic principles and will harm the very consumers he and the DOL have said they wish to help. This rule will deepen the nation's retirement crisis by limiting access to sound financial advice."
2.  Insured Retirement Institute Research Will Identify Broker-Dealer Regulatory Burdens
Insured Retirement Institute [IRI] Link to more items from this source
June 25, 2012
"[The purpose of the] research initiative [is] to identify regulatory burdens facing broker-dealers that impede their ability, and financial advisors' willingness, to sell lifetime income products. IRI intends for the research to support its efforts to pursue a one-stop, national insurance agent licensing system, as well as reforms to address other regulatory hurdles. 'We are focused and committed to working with policymakers to reduce barriers to attaining lifetime income so that all Americans may enjoy a financially secure retirement,' IRI President and CEO Cathy Weatherford said. 'This includes identifying and removing regulatory red tape and other obstacles that are preventing the broker-dealer community from making insured retirement strategies more readily available.'"
3.  Testimony of Insured Retirement Institute at DOL Hearing on Proposed Conflict of Interest Regs (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Aug. 10, 2015
"IRI strongly urges the Department to remove the exclusion for variable annuity IRA sales from the proposed amendment to PTE 84-24.... We believe many of the conditions included in [the proposed Best Interests Contract Exemption] will be so onerous or impossible to comply with that lifetime income products and vital sources of annuity product distribution information will no longer be available to consumers."
4.  Insured Retirement Institute Comment Letter to IRS on Proposed Regs on Longevity Annuity Contracts (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
May 3, 2012
"First, it is [the Institute's] understanding that, under the regulation, the failure to comply with the 25% or $100,000 limits would void the entire contact as a QLAC. [The Institute suggests] that a system could be developed that would allow for a correction to a mistake in calculations. The amount that would be over the limits would be applied to the participant's required minimum distribution calculation. However, the remainder of the QLAC would remain intact and would still ensure longevity protection for the participant."
5.  Testimony of Insured Retirement Institute for Senate Finance Committee Hearing: Helping Americans Prepare for Retirement (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Jan. 28, 2016
"Our agenda identifies policy solutions to expand access to workplace retirement plans that help Americans save and prepare for retirement; to increase access to lifetime income options that help Americans ensure their savings will not be outlived; and to improve access to education and information that American savers need to make better and more-informed decisions regarding their finances.... [W]hile the removal of annuities' tax-deferred status would not necessarily generate additional tax revenue over the long term, it would have a negative effect on Americans' ability to save for retirement."
6.  Insured Retirement Institute Comment Letter to DOL on Lifetime Income Illustration in Pension Benefit Statements (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Aug. 7, 2013
"We are concerned that including specific assumptions in the safe harbors described in the Notice will steer plan sponsors to utilize those assumptions to ensure compliance at the expense of flexibility and innovation. In lieu of the safe harbor approach, we urge DOL to adopt a rule under which plan sponsors would be required to provide lifetime income illustrations based on generally accepted investment theories and generally accepted actuarial principles. We urge DOL to include in the rule a clear statement that providing the illustrations required under the rule would be treated as education, and not as a fiduciary act giving rise to either fiduciary or plan liability."
7.  State of the Insured Retirement Industry: 2019 Review and 2020 Outlook
Insured Retirement Institute [IRI] Link to more items from this source
Feb. 21, 2020
26 pages. "The annuity industry is poised for significant growth in the coming years. Consumers are concerned about retirement risks and outliving savings, uncertain how to use retirement account balances to create sustainable lifetime income and are worried about potential Social Security insolvency and rising medical costs. These factors are putting insured retirement income squarely on the radar of retirement savers and financial advisors."
8.  State of the Insured Retirement Industry: 2016 Review and 2017 Outlook
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 20, 2016
28 pages. "The largest wave of Baby Boomers, those born between 1952 and 1959, will begin to retire in 2017. There are roughly 33 million Baby Boomers in this group.... Only one in four Boomers expects to receive a pension in retirement, leaving 57 million who may need to use their retirement savings to produce steady, predictable retirement income.... Demographics, increasing longevity, decline of traditional pensions, and consumer appreciation for products providing guaranteed retirement income each month will support demand for lifetime income strategies."
9.  State of the Insured Retirement Industry: 2014 Review and 2015 Outlook
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 16, 2014
20 pages. "[As] Boomers increasingly work to calculate savings goals and contemplate their expected expenses and longevity, they are becoming less confident in their ability to achieve a successful retirement. But when those investing for retirement work with financial professionals and/or incorporate annuities into their retirement strategies, they report being better prepared and more confident.... Despite some macroeconomic challenges, the insured retirement industry is financially sound and in a strong position to expand its share of the retirement market as continually evolving demographics lead to increased consumer demand."
10.  State of the Insured Retirement Industry: 2015 Review and 2016 Outlook (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 10, 2015
26 pages. "Fixed Indexed Annuities (FIA) and Investment-Oriented Variable Annuities (IOVA) are growing rapidly.... Qualifying Longevity Annuity Contract (QLAC) offerings are expanding.... Look for insurers to continue to innovate by placing lifetime income options in workplace plans, where the bulk of investable retirement assets reside ... Expect insurers to continue to focus on FIA and IOVA product development as they continue to diversify product lines and position products to meet varying consumer needs.... Rising prices for services will square off against the disinflationary effect of falling commodities prices to frame the outlook for continued rate increases in 2016."
11.  State of the Insured Retirement Industry: 2020 Review and 2021 Outlook (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
June 4, 2021
24 pages. "2020 was an extraordinarily challenging year for the retirement income industry.... However, ... operationally the industry made more progress toward modernization and electronic processing in one year than in the prior several ... 2021 should prove to be a year of increasing annuity sales, progress toward better retirement policy, and movement closer to a fully digital experience for advisors and consumers."
12.  State of the Insured Retirement Industry: 2018 Review and 2019 Outlook
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 16, 2018
32 pages. "Demographic trends continue to favor growth of lifetime income solutions. 2018 saw continued shifts in the leading annuity product types across distribution channels, a trend that will continue in 2019. An improving interest rate environment will improve capacity and potentially have a positive impact on lifetime income benefit design. Rising market volatility will create both challenges (sales disruption) and opportunities (highlighting the value of protecting financial assets and income)."
13.  State of the Insured Retirement Industry: 2017 Review and 2018 Outlook (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 7, 2017
32 pages. "The past year has arguably been one of the most disruptive in the history of the retirement income industry.... This year's report will look at the demographic, market, legislative and regulatory developments that were significant in the past year, and which will work to shape the future, and offer possible trajectories for the industry in 2018 and beyond"
14.  State of the Insured Retirement Industry: 2012 Recap and 2013 Outlook (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Dec. 18, 2012
"Nearly three in four financial professionals had clients who requested to purchase an annuity over the past year. According to a survey of financial advisors, annuities are now the most unsolicited products requested by clients. Additionally, nearly 73 percent of annuity owners consider annuities to be a critical component of their retirement strategy. Annuity assets are expected to reach an all-time high in 2013."
15.  IRI Applauds Presidential Action Delaying DOL Fiduciary Rule
Insured Retirement Institute [IRI] Link to more items from this source
Feb. 6, 2017
"The Insured Retirement Institute strongly supports President Trump's decision to delay implementation of the [DOL]'s Fiduciary Rule and initiate a thoughtful and comprehensive review of the rule's likely impact on retirement savers.... The rule makes sweeping changes to the existing regulatory framework that will ultimately make it harder for savers to plan for retirement by depriving them of access to affordable holistic financial advice and a wide range of investment options."
16.  IRI 2023 Federal Retirement Security Blueprint (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Feb. 27, 2023
10 pages. "IRI's 2023 Federal Blueprint 2ill: [1] Expand opportunities to save for retirement; [2] Facilitate greater use of protected, guaranteed lifetime income solutions; [3] Foster innovation, modernization, education, and advice; [4] Boost protections to safeguard consumers, diverse representation, and participation; [5] Maintain and augment the current tax treatment of retirement savings."
17.  Treasury Department Recommends IRI Retirement Security Policies
Insured Retirement Institute [IRI] Link to more items from this source
Oct. 29, 2017
"This summer, IRI met with staff at Treasury to explain how the policies included in our Blueprint would improve retirement readiness across the country, and we are extremely encouraged to see so many of those policies being recommended in this report."
18.  IRI Urges DOL to Streamline Disclosure Requirements and Maximize E-Delivery as Default for Documents
Insured Retirement Institute [IRI] Link to more items from this source
Oct. 10, 2023
"IRI emphasized that notices and disclosures required under ERISA can and should be presented clearly and concisely to ensure consumers read and understand. The association also said that disclosures that are duplicative, inconsistent, or spread out across multiple documents make it much harder for average consumers to comprehend the information."
19.  IRI Statement on Denial of Motions to Intervene in DOL Fiduciary Lawsuit
Insured Retirement Institute [IRI] Link to more items from this source
May 2, 2018
"We are pleased the Fifth Circuit denied the motions to intervene, and that the [DOL]'s unlawful 2016 fiduciary rule is at an end. The SEC, not the DOL, is the appropriate regulator in this area, and we look forward to working with the SEC on the current proposed rulemaking to establish a best interest standard across all accounts, and not just retirement accounts." [U.S. Chamber of Commerce v. DOL, No. 17-10238 (5th Cir. May 2, 2018)]
20.  IRI Comment Letter to DOL on Fiduciary Rule and PT Exemptions (PDF)
Insured Retirement Institute [IRI] Link to more items from this source
Aug. 7, 2017
43 pages. "[IRI appreciates] the opportunity to provide these comments to the [DOL] in response to [its recent] request for information ... 71 percent of advisers are planning to stop providing advice to at least some of their current small accounts due to the risk and increased costs of the Rule; 35 percent will stop serving accounts under $25,000, and 25 percent will raise their minimum account thresholds.... [D]istributor members reported that approximately 155,000 of their clients have already been 'orphaned,' with far more accounts expected to be impacted as implementation of the Rule proceeds.... More than 60 percent of the participating distribution firms have, are planning to, or are considering exiting or deemphasizing target markets such as small IRA holders and small retirement plan sponsors."
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