WASHINGTON – American Council of Life Insurers (ACLI) Executive Vice President & General Counsel Jillian Froment made the following statement today regarding the Department of Labor’s proposed fiduciary regulation:

“Conflating legitimate retirement costs with junk fees is a scare tactic to push regulations that will hurt Americans in need of greater financial certainty.

“The proposal is out of touch with the anxieties of regular people who are worried about savings lasting through retirement, the effect of volatile markets on 401ks, and the high cost of living.

“Traditional pensions are no longer the norm, and guaranteed lifetime income through annuities lets people create their own pensions. That’s why annuity ownership is up.

“Cutting off retirement options ignores the realities of the savings gap and builds a barrier to financial inclusion.”

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.

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American Council of Life Insurers  | 101 Constitution Ave, NW, Suite 700  |  Washington, DC 20001-2133