Wednesday, March 1, 2017

Fiduciary Regulation Proposed Delay Will Benefit Retirement Savers

ACLI President & CEO Dirk Kempthorne issued the following statement today:

Washington, D.C. (March 1, 2017) – “Life insurers act in the best interest of consumers and are proud of the retirement security and dignity that they help Americans achieve.

“For this reason, the American Council of Life Insurers (ACLI) welcomes the news of the proposed 60-day delay in the applicability date of the fiduciary regulation.

“The proposed delay is necessary. The regulation, as currently written, limits consumers’ choices, significantly harming their ability to plan and save for financially secure retirements.

“The proposed delay provides time for the administration to conduct a thoughtful review of the issue and its harmful impact on retirement savers as directed in the presidential memorandum on February 3. In addition, we believe the directive to the Department to conduct an updated economic and legal Labor Department analysis of the regulation will reveal its significant problems, especially for Americans who want and need annuities, the only products in the marketplace that guarantee lifetime income.

“ACLI is committed to work with the administration, Congress and the states on public policies that help Americans achieve their financial and retirement security goals.”

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad.  ACLI advocates in state, federal, 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 94 percent of industry assets, 93 percent of life insurance premiums, and 97 percent of annuity considerations in the United States.  Learn more at www.acli.com.

Date Posted: March 1, 2017
Document ID: NR17-011
Contact: Jack Dolan, 202-624-2418