Retirement industry reacts to election resultsNews added by Benefits Pro on November 7, 2012

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Joined: September 07, 2011

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By Andy Stonehouse

Expected - or totally unexpected - the outcome of Tuesday's federal election has certainly stirred up plenty of opinions in the retirement and financial world. Here's a smattering of some of the early response from industry associations:

Dale Brown, president and CEO, Financial Services Institute:

"The American people have spoken and we congratulate President Obama on his re-election. We urge the president to carefully consider the closeness of the election results as he evaluates his regulatory policy priorities for a second term. Clients and their independent financial advisors and financial services firms need a healthier, more business friendly regulatory environment. The next 13 months are critical for our members because, come January 2013, Congress will be back in re-election mode and will not tackle anything that could put their own re-elects in jeopardy. As Washington shifts its collective attention to the fiscal cliff and tax reform, we must remain vigilant in our advocacy efforts. Let’s get to work.”

Cathy Weatherford, president and CEO, Insured Retirement Institute:

“Now that the campaigning is over, the commercials have subsided, and the voters have spoken, the time has come to address the challenges confronting Americans. From Washington, D.C., to statehouses across the nation, Americans will be looking to their elected leaders to tackle the issues. The financial crisis and the recent recession have impaired Americans ability to adequately save for retirement, and uncertainty regarding taxes and the economy only serve to exacerbate the situation. During the past year, nearly 30 percent of boomers stopped contributing to a retirement plan, 16 percent prematurely withdrew funds from a retirement plan, and a quarter reported having difficulties paying the rent or mortgage.

"These are the challenges that keep Americans up at night, but now is the time to deliver certainty and peace of mind. With a looming tax policy debate on the horizon, we will work vigorously to protect and promote the incentives that are helping Americans attain financial retirement security. We will work with all our nation’s policymakers to remove the barriers standing in the way of Americans achieving financial freedom during their retirement years.”

Michael Wilson, CEO, International Foundation of Employee Benefit Plans:

“President Obama’s re-election provides American employers with the referendum to fully begin implementing the Affordable Care Act. Even after this summer’s Supreme Court ruling, many of our members were still awaiting the outcome of this general election before they addressed health care reform. We are still at the beginning of the process, much like when ERISA was enacted in 1974. I would expect the health care law to undergo the same process of review and implementation and we will probably still be working to adjust the ACA in 30 years.

“It’s important to note that the Affordable Care Act addresses just one of the three broad issues related to health care in America: access. The law provides access to health care, while providing employers and the government more time to address the other two issues: cost and quality of care. As different parts of the ACA are implemented, the International Foundation will continue to educate its members about what they will need to do to remain in compliance.”

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