American Council of Life Insurers Statement on Proposed Labor Department Regulation

WASHINGTON, Nov. 1 -- The American Council of Life Insurers issued the following statement on Oct. 31, 2023:

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American Council of Life Insurers (ACLI) Executive Vice President & General Counsel Jillian Froment made the following statement today regarding the Department of Labor's proposed fiduciary regulation:

"Conflating legitimate retirement costs with junk fees is a scare tactic to push regulations that will hurt Americans in need of greater financial certainty.

"The proposal is out of touch with the anxieties of regular people who are worried about savings lasting through retirement, the effect of volatile markets on 401ks, and the high cost of living.

"Traditional pensions are no longer the norm, and guaranteed lifetime income through annuities lets people create their own pensions. That's why annuity ownership is up.

"Cutting off retirement options ignores the realities of the savings gap and builds a barrier to financial inclusion."

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Original text here: https://www.acli.com/posting/nr23-070