Washington, D.C. -
The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford regarding a report on guaranteed lifetime withdrawal benefits and contingent deferred annuities that was released yesterday by the U.S. Government Accountability Office (GAO):
"We agree with the report's conclusion that variable annuities with guaranteed lifetime withdrawal benefits (GLWBs) as well as contingent deferred annuities (CDAs) can help older Americans ensure they do not outlive their assets. In an era when consumers will be responsible for securing their own financial futures, it is vitally important that consumers have access to a wide array of sound retirement income solutions. As American's struggle to manage the risks associated with retirement planning and uncertainty stemming from volatile markets and a sluggish economy, these lifetime income products offer consumers the certainty they seek during unsettling times. Regarding the regulatory environment, we believe that current regulatory oversight at both the federal and state levels--including the existing solvency and consumer protection rules governing the annuity industry--has proven to be robust and effective. These safeguards protect both the industry and the consumers it serves. It is through this current framework that not a single annuity owner ever missed a payment during the financial crisis."
About the Insured Retirement Institute:
The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry. Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: Our members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella.
IRI's mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and advocate before public policy makers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit www.IRIonline.org
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