American Council of Life Insurers, 4 Organizations Issue Statement: U.S. House Passes Measures Preventing Fiduciary Regulation Implementation

WASHINGTON, Nov. 16 -- The American Council of Life Insurers issued the following statement on Nov. 15, 2023, with four organizations:

* * *

The American Council of Life Insurers (ACL), National Association of Insurance and Financial Advisors (NAIFA), Finseca, Insured Retirement Institute (IRI) and National Association for Fixed Annuities (NAFA) issued the following statement today on the U.S. House of Representatives passing legislative amendments to prevent implementation of the Labor Department's fiduciary regulation:

"The U.S. House of Representatives took important action to protect the best interest of retirement savers. Amendments included in a government funding bill last night would prevent the Department of Labor from using taxpayer dollars to implement its proposed fiduciary regulation.

"The Labor Department's proposal threatens to cut off consumers' access to lifetime income solutions at a time when they are needed most. In 2024, the largest number of Americans in history will turn age 65 and, for the first time, the majority of Americans turning 65 do not have pensions and are self-funding through 401(k)s, other employer plans and IRAs. Millions without protected lifetime income stand the chance of running out of money. Social Security provides a safety net but, for many, it isn't enough to live a comfortable retirement.

"Since 2019, Congress has passed two landmark bipartisan bills, the SECURE Act and SECURE 2.0, removing barriers to guaranteed lifetime income in workplace retirement savings plans. Last night's vote on the amendments in the House aligns with Congress's intent to expand retirement security for all Americans.

"We urge the Senate to adopt these measures and protect Americans' retirement security."

* * *

About ACLI: The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI's 280 member companies represent 94 percent of industry assets in the United States.

About NAIFA: Founded in 1890, the National Association of Insurance and Financial Advisors is the preeminent association for financial service professionals in the United States of America. NAIFA members, in every Congressional district and every state house, subscribe to a strong Code of Ethics and represent a full spectrum of practice specialties to promote financial security for all Americans. Complimented by its professional development and consumer divisions, the Society of Financial Service Professionals, and Life Happens, the association delivers value through advocacy, service, and education.

About Finseca: At Finseca, we know that financial security improves people's lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.

About IRI: The Insured Retirement Institute (IRI) is the leading association for the entire supply chain of insured retirement strategies, including life insurers, asset managers, broker-dealers, banks, marketing organizations, law firms, and solution providers. IRI members account for 90 percent of annuity assets in the U.S., include the foremost distributors of protected lifetime income solutions, and are represented by financial professionals serving millions of Americans. IRI champions retirement security for all through leadership in advocacy, awareness, research, and the advancement of digital solutions within a collaborative industry community. Learn more at www.irionline.org.

About NAFA: NAFA, the National Association for Fixed Annuities, is the premier trade association exclusively dedicated to fixed annuities. Our mission is to promote the awareness and understanding of fixed annuities. We educate annuity salespeople, regulators, legislators, journalists, and industry personnel about the value of fixed annuities and their benefits to consumers. NAFA's membership represents every aspect of the fixed annuity marketplace covering fixed annuities sold by independent agents, advisors and brokers. NAFA was founded in 1998. For more information, visit www.nafa.com.

* * *

Original text here: https://www.acli.com/posting/nr23-074