IRI Issues Statement on Labor’s Lifetime Income Illustrations Proposal
By Cathy Weatherford
Insured Retirement Institute (IRI)
Washington, D.C. – The Insured Retirement Institute (IRI) today released the following statement from IRI President and CEO Cathy Weatherford after the Department of Labor’s Employee Benefits Security Administration (EBSA) published a proposed rule to require benefit statements to provide estimated lifetime income payments based on a plan participant’s accrued benefits and projected future accrued benefits. The rule would apply to defined contribution plans such as 401(k) and 403(b) plans.
“One of the main challenges for today’s workers will be making a lifetime of savings last throughout all their retirement years. We strongly support educational initiatives that enhance Americans’ understanding of their retirement savings options and help them to develop plans for their future financial security. Providing such income illustrations will help them understand how much income can be generated from savings and adjust their savings and investment strategies accordingly so they can attain financial security during their retirement years. We thank Assistant Secretary Phyllis Borzi for her leadership on this issue and look forward to working with her and the EBSA staff to work out any details and arrive at a final rule.”
The proposed rule can be found here.
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 today to experience the vast resources of the Insured Retirement Institute for yourself.