With all the turbulence and strife in recent months, we sure could use some soothing news. Cue up the Securities and Exchange Commission and its Regulation Best Interest (Reg BI). Reg BI takes effect tomorrow. Together with the National Association of Insurance Commissioners’ (NAIC) revised Suitability in Annuity Transactions Model Regulation, Reg BI will ensure financial professionals … Continue reading "Protecting Access for All Savers"
In a few days, consumers will enjoy enhanced protections under the Securities and Exchange Commission’s Regulation Best Interest (Reg BI). Reg BI imposes a heightened standard of conduct on financial professionals beginning June 30. Reg BI is the first step toward national, harmonized enhanced consumer protections for consumers seeking guaranteed lifetime income. Together with Form … Continue reading "Consumers Are Protected by Regulation Best Interest"
In recent years, major corporations like FedEx and Alcoa have shifted retiree pensions to annuities offered by life insurers. While these pension risk transfers shift obligations to an insurance company from an employer, they don’t change the benefits retirees receive. That is because, like traditional pensions, an annuity guarantees retirees a stream of income they … Continue reading "Retirees Protected in Pension Risk Transfers"
The volatility of the COVID-19 economy and its impact on the finances of millions of Americans has underscored the growing societal need for financial security. At the same time, the recent economic disruption has created budgetary shortfalls in many states, prompting lawmakers to consider new ways to cut expenses and raise revenues. Some of these … Continue reading "Colorado: Doing What’s Right For Retirement Savers"
Across America, defined benefit pension plans continue to be replaced by retirement savings arrangements like the 401(k). With the U.S. Congress passing the SECURE Act last year, more folks will be saving in 401(k) plans. When coupled with an annuity, 401(k) savings can provide meaningful pension-like secure income throughout retirement. Annuities are the only financial … Continue reading "Annuities – Trusted Retirement Income"
[A version of this appeared in Morning Consult] Late last year, who could have predicted the financial upheaval we now face? No one. The uncertainties created by the COVID-19 economy have exposed a growing societal need for financial protection and security. Addressing these needs will be vitally important as our nation moves forward. A series … Continue reading "Action Items for Increasing Financial Security"
This year has exposed vulnerabilities throughout America like no other. The uncertainties of the COVID-19 economy and its impact on vulnerable communities has highlighted the growing societal need for financial protection. That is why we are so concerned with HB20-1420, a bill under consideration by the Colorado legislature that would impose new taxes on consumers … Continue reading "Colorado Tax Proposal: Unfair and Unwise"