Tuesday, February 2, 2016

House Committee Advances Bipartisan Bills on Financial Advice

Measures ensure consumers receive retirement advice that is in their best interests 

 

American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne today issued the following statement on the bipartisan Affordable Retirement Advice Protection (ARAP) Act and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act that passed the House Education and Workforce Committee today:

 

Washington, D.C. (February 2, 2016) — “The ARAP and SAVERS Acts will ensure Americans preparing for retirement receive advice that is in their best interests. The bills would, among other things, require retirement advisors to provide their client’s with clear disclosure about material conflicts, including compensation received and all investment fees.

 

“Some 10,000 baby boomers will turn 65 every day until 2030. They deserve smart, sound public policy that will protect their interests and help them prepare for retirements that can last 10 years, 20 years or more.

 

“ACLI thanks the bills’ sponsors, Reps. Peter Roskam (R-IL), Richie Neal (D-MA), Phil Roe (R-TN), John Larson (D-CT), Buddy Carter (R-AL), Michelle Lujan Grisham (D-NM), Tom Reed (R-NY) and David Scott (D-GA), for their support of America’s savers.”

 

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.


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The American Council of Life Insurers (ACLI) advocates on behalf of 280 member companies dedicated to providing products and services that promote consumers’ financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers’ products for peace of mind. ACLI members represent 95 percent of industry assets in the United States. Learn more at www.acli.com.


Date Posted: February 2, 2016
Document ID: NR16-003
Contact: Whit Cornman, 202-624-2442