Public Policy
Issues & Positions


Learn about the public policy issues affecting the insured retirement industry and retirement planning in the United States. 

 
 
 

IRI Retirement Security Blueprint

Americans face many challenges and obstacles in saving for retirement. In the past, many Americans relied on employer based pension plans for retirement savings. Today, most Americans rely on other types of retirement savings plans such as 401(k)s or Individual Retirement Accounts, which make individuals responsible for ensuring their own financial security and retirement options. IRI’s 2018 Blueprint for Retirement Security includes common sense, bipartisan policies to help Americans achieve their retirement goals. Click here to download the Blueprint, which provides additional details about the issues listed below.

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Establish a Consistent
Best Interest Standard

All the interested regulatory bodies should collaborate to develop a consistent and workable best interest standard for financial professionals. This effort should include the Securities and Exchange Commission (SEC), the National Association of Insurance Commissioners (NAIC), the Department of Labor (DOL), the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA). 

Click here to access IRI Work Product and Other Resources regarding legislative and regulatory efforts to establish a best interest standard. 

Maintain and Enhance
the Current Tax Treatment
for Retirement Savings

Congress recognized the vital role tax deferred retirement savings plays in spurring America’s economic growth and prosperity in the Tax Cuts and Jobs Act enacted in 2017. Congress should: 1) maintain and promote the use of tax deferral for retirement savings, 2) protect and preserve the distinct types of retirement plans, and 3) create tax incentives to encourage greater usage of guaranteed lifetime income products. 

Click here to access IRI Work Product and Other Resources regarding taxation of retirement savings.

Expand Opportunities for Retirement Savings

Congress should enact legislation which 1) generally requires all but the smallest employers to automatically enroll their employees in a 401(k) plan maintained by the employer and eliminate the barriers which discourage employers from offering these plans 2) removes the regulatory and legal obstacles to facilitate small businesses use of multiple employer plans (Open MEPs), 3) increases auto-enrollment and auto-escalation default rates, and 4) improves and enhances access to the start-up retirement credit for small business employer-sponsored retirement plans. 

Click here to access IRI Work Product and Other Resources regarding legislative and regulatory efforts to expand Americans’ access to retirement savings opportunities.

Increase Access to
Lifetime Income Products


Congress or the Department of Labor should clarify employer fiduciary responsibility in the annuity selection safe-harbor. Congress should enact legislation which: 1) enables annuity portability, 2) reduces the age requirement for in-service rollovers to purchase lifetime income products, 3) updates required minimum distribution (RMD) rules to reflect longer lifespans, 4) authorizes the Department of Treasury to enhance and reform the rules governing the use of QLAC, and 5) directs the Department of Labor or the another appropriate federal department to revise Qualified Default Investment Alternatives (QDIAs) rules to allow broader use of lifetime income products as default investment options. 

Click here to access IRI Work Product and Other Resources regarding legislative and regulatory efforts to expand Americans’ access to lifetime income products.

Help Savers Make Decisions about Their Finances


Congress should enact legislation which: 1) requires lifetime income estimates on workers’ benefit statements, and 2) permits electronic disclosure for retirement plans. The Securities and Exchange Commission should adopt a variable annuity summary prospectus and annual update. The President should implement the national insurance licensing clearinghouse. 

Click here to access IRI Work Product and Other Resources regarding legislative and regulatory efforts to help savers make decisions about their finances.

Provide More Resources to Protect Older Americans
from Financial Exploitation


Congress should enact legislation to: 1) enable financial advisors to report suspected financial abuse protect their clients from financial abuse, and 2) increase the amounts appropriated to support currently underfunded federal programs supporting state Adult Protective Service agencies. 

Click here to access IRI Work Product and Other Resources regarding protection of older investors.