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Insured Retirement Institute Research Will Identify Broker-Dealer Regulatory Burdens

"[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.'"

Testimony of Insured Retirement Institute at DOL Hearing on Proposed Conflict of Interest Regs (PDF)

"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."

Insured Retirement Institute Comment Letter to IRS on Proposed Regs on Longevity Annuity Contracts (PDF)

"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."

Testimony of Insured Retirement Institute for Senate Finance Committee Hearing: Helping Americans Prepare for Retirement (PDF)

"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."

Testimony of the Insured Retirement Institute at DOL Hearing on Proposed Retirement Security Rule (PDF)

"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."

Insured Retirement Institute Comment Letter to DOL on Lifetime Income Illustration in Pension Benefit Statements (PDF)

"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."

State of the Insured Retirement Industry: 2019 Review and 2020 Outlook

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."

State of the Insured Retirement Industry: 2016 Review and 2017 Outlook

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."

State of the Insured Retirement Industry: 2014 Review and 2015 Outlook

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."

State of the Insured Retirement Industry: 2015 Review and 2016 Outlook (PDF)

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."