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Insured Retirement Institute wants more worker access to plans, annuities
Annuities are an answer to one of the most vexing worries that Americans face – outliving their money in retirement, IRI leaders said. But a critic countered that the products need to come with more investor protections.
March 4, 2021 3 MINS
When the SECURE Act was approved by Congress in late 2019, it was hailed as a landmark retirement savings bill. The Insured Retirement Institute is advocating for an encore this year.
The organization, which represents life insurers, asset managers and distributors of lifetime income products, is pushing lawmakers to approve legislation that will continue to expand access to workplace retirement plans and provide greater latitude to use annuities within them.
Ohio Finalizes Best Interest Rule for Annuities, Joining Other States The rule is based off a model designed by the National Association for Insurance Commissioners that was intended to align with the SEC s Regulation Best Interest.
Ohio has finalized a rule governing the conduct for producers selling and recommending annuities, the latest in a number of states with finalized or proposed rules based on the National Association for Insurance Commissioners’ (NAIC) model that was passed last year.
Ohio finalized its rule Thursday afternoon, with an effective date scheduled for Feb. 14. Delaware also finalized its rule late last month, joining five other states. Arizona and Iowa passed their own rules based on the NAIC model last year, and those rules have already gone in effect. Rhode Island’s rule is set to go into effect at the start of April. In Arkansas and Michigan, finalized rules will go into effect at the end of June.