The economic slowdown caused by the COVID-19 pandemic has pushed more older workers out of work. Many of those affected are increasingly anxious about their retirement security. The last thing policymakers should do now is to create more anxiety for those needing some retirement certainty. Unfortunately, that’s exactly what the Department of Labor has done with its … Continue reading "Department of Labor Should Protect Retirement Savers’ Access, Choices"
Earlier this year, Iowa’s Insurance Department approved a best interest annuity rule that closely follows the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation. A few weeks later, Arizona Governor Doug Ducey signed a bill into law that also mirrors the NAIC model. Iowa and Arizona demonstrated how states can provide people purchasing annuities … Continue reading "It’s the Rule of Law: Protecting Consumers’ Best Interest"
Retirement savers have different needs when it comes to advice and guidance. So, it’s important that consumers have access and choice. Some people practice a buy-and-hold strategy, engaging financial professionals who earn transaction-based commissions. Others seek and pay for ongoing advice and management services from fiduciary advisers. Retirement savers also seek to be treated fairly. … Continue reading "Department of Labor Should Retain Access, Choices for Retirement Savers"
The “fiduciary-only” voices are at it again – this time attacking the Labor Department for attempting to follow the law, and by doing so safeguard access for lower- and middle-income savers. With its 2016 fiduciary rule vacated by the Fifth Circuit Court of Appeals, Labor recently restored its original investment advice rule. The Department’s goal … Continue reading "Fiduciary-Only Shuts Out Some Americans Saving for Retirement"
Every day, 10,000 Americans turn 65 years old. Those celebrants undoubtedly have as many different ideas about their retirement planning as they have birthday candles. Retirement planning needs vary. Fortunately, regulators and lawmakers are recognizing that. Case in point: the U.S. Department of Labor (DOL) has moved in the right direction toward a harmonized approach … Continue reading "Protection and Choices for Retirement Savers"
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"