Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
Comment from John Nichols, president of the National Association of Insurance and Financial Advisors (NAIFA), regarding the issuance of the Federal Insurance Office's insurance modernization report:
"NAIFA is pleased that the FIO has issued its long awaited insurance modernization report.
"We are glad that the report endorses the passage of producer licensing reform known as the National Association of Registered Agents and Brokers Act -- legislation that NAIFA strongly supports and was overwhelmingly approved by the House in September. We also agree that certain state-based marketplace reforms are crucial for consumers, such as all states adopting the NAIC's Suitability in Annuity Transactions Model Regulation and all states should join the IIPRC so that competitive products can be brought to market faster.
"As producers, NAIFA members have a considerable amount of expertise and experience to bring to this ongoing debate. We look forward to working with the FIO and Congress as the ideas brought forth in this report are considered more fully by legislators and regulators."