This op-ed originally appeared in the South Florida Sun Sentinel. Much more is at stake than advertised in a bill — HB 1189/SB 1564 — titled, “Genetic Information for Insurance Purposes,” sponsored by Florida House Speaker-designate Chris Sprowls and state Senator Kelli Stargel. It is not just about people being able to keep private genetic information gained from an entertaining Ancestry.com or 23andMe at-home genetic testing kit. If that was the only issue at stake, we’d support the measure. It’s about denying the consideration of any and all genetic information in the life insurance policy application process, not just information generated by an at-home test. If … Continue reading "Consumers’ Own Interest at Stake with Genetic Privacy Bill"
Last month President Trump signed a spending bill that included the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act will provide a huge boost for America’s retirement savers. Among other benefits, the bill will enable more small businesses to offer retirement plans, allow older workers to contribute more to their retirement accounts, and make it easier for retirement plans to include options for lifetime income. My colleagues at the American Council of Life Insurers (ACLI) and our member companies are very familiar with this legislation. We advocated for these provisions for years. Most Americans are unaware … Continue reading "ACLI Supports Junior Achievement, Financial Literacy"
Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would hurt the very people it claims to protect. I offered testimony at a related hearing today, as did Paul Quaranto of Boston Mutual Life Insurance Company. Every day, 252 Massachusetts residents reach age 65. Many are concerned about how they’ll finance their way through retirement. They’re seeking answers while the Commonwealth Secretary’s fiduciary proposal would curb their access to life insurance and annuities. It doesn’t add up. People … Continue reading "Elitist Proposal Denies Choices to Bay State Retirement Savers"
Earlier today President Trump signed the 2020 spending package, which wisely included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This is a huge win for millions of retirement savers, groups like Gold Star families, and bipartisanship. With the SECURE Act now the law of the land, our nation has taken a major stride forward in modernizing the way new generations of Americans prepare for retirement. The American Council of Life Insurers (ACLI) applauds the president for signing the SECURE Act into law as part of the spending package. And we commend the bill’s bipartisan champions in Congress, including Ways and Means Committee Chairman … Continue reading "Retirement Savers Win Thanks to SECURE Act Becoming Law"
Amid the hustle and bustle of the holiday season, it’s important to hit pause every now and then and reflect on the many things we are thankful for. That said, it never hurts to make a list of what we wish for! Not surprisingly, many retirement savers’ “thankful lists” and “wish lists” intersect this year around the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act is the most sweeping retirement security legislation in more than a decade. It would mark a significant step toward modernizing America’s retirement system for workers. The U.S. House of Representatives yesterday … Continue reading "Retirement Savers’ Holidays Looking SECURE"
Last Sunday, college football fans nationwide learned which bowl game their team would play in. After weeks of speculation, they gained the certainty they need to plan. Iowa Hawkeye fans like me learned they can book flights to San Diego. They’ll be playing in the Holiday Bowl on December 27. Penn State boosters like my daughter learned they’ll play in the Cotton Bowl on December 28 in Dallas. And University of Texas supporters learned the Longhorns will play in the Alamo Bowl on December 31 in San Antonio. Now it’s time to get certainty from Capitol Hill. Everyday Americans stand … Continue reading "Win the Game for Everyday Americans, Pass the SECURE Act"
We need a national solution to help more employers offer paid family and medical leave (PFML). PFML has the attention of leaders on both sides of the aisle and across all sectors because it’s about a basic human desire – the ability to care and be cared for. In the past four years, the number of federal lawmakers supportive of PFML has more than doubled. More than 70 percent of millennial business owners are interested in providing PFML. This month, Congress also took action by including a paid parental leave provision for federal workers in the annual defense authorization bill. … Continue reading "How The Life Insurance Industry Is Providing Paid Family and Medical Leave"