NAFA Appeals to Government Agencies to Use Fixed Annuities in Retirement Income Planning
Milwaukee, WI (May 3, 2010) – In response to a request for information by the Departments of Treasury and Labor, the National Association for Fixed Annuities (NAFA) has submitted a report documenting the reasons why fixed annuities are an important tool for retirement planning. The fixed annuity advocacy group noted that fixed annuities are the only products that allow individuals to accumulate retirement savings, protect their savings from declining markets and receive guaranteed income for life.
According to Kim O’Brien, executive director of NAFA, “The need to be exposed to and understand the value of income opportunities from fixed annuities and their insured guarantees is important to individuals who participate in employer-sponsored retirement plans, as well as the 78 million working Americans who lack access to a workplace retirement plan.”
The government agencies had a May 3 deadline for requests for information on the possible use of lifetime income products in employer-sponsored retirement programs.
The industry group called on government agencies to encourage product neutrality and to avoid putting limitations on retirement planning, mandating product or plan options, or developing rules and regulation that will limit plan options. It further recommended that the government make fixed annuities more attractive for customers outside of pension plans by providing more education.
NAFA, the National Association for Fixed Annuities, is a national trade association exclusively dedicated to promoting the awareness and understanding of fixed annuities – including income, declared rate, market value adjusted and indexed. NAFA is the only association whose sole purpose is advocating for the fixed annuity product and educating regulators, legislators, consumers, members of the media, industry personnel, and distributors about fixed annuities and their benefits to retirees and those planning retirement. NAFA’s membership of fixed annuity carriers and independent marketing organizations (or field organizations) represents over 200,000 agents and registered representatives selling fixed annuities.
NAFA was founded in 1998 and is located in Milwaukee, Wisconsin. Get more information on annuities at www.nafa.com
Media Contact:
Kim O’Brien
[email protected]
414-332-9306 (office)
414-332-9312 (cell)
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News