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Let Your Senator and Congressman Know Your Wishes About Your Retirement Future!

On April 20, 2015, the Department of Labor (DOL) released a significant new proposal to change the definition of fiduciary under the Employee Retirement Income Security Act (ERISA). This new definition is far broader, comprehensive, and damaging to consumers than the proposed rule released in 2010.

The new regulations raise serious concerns as to whether savers and retirees as well as small business owners will continue to enjoy the access they currently have to certain financial products and meaningful education on investments, retirement income, and workplace plans.

The life insurance industry is unique in its ability to provide guaranteed lifetime income in retirement and is a leading provider of retirement savings solutions to individuals and small businesses—therefore there also are serious concerns about the impact of the proposal on our industry.

As a life insurance industry professional, I serve an important role in helping Americans prepare for a secure future. This new regulation will limit my ability to provide information and education about retirement plan options to savers—severely damaging the annuity marketplace. It also would make it especially difficult for me to sell plans to small businesses by limiting the sales activities that encourage small business owners to start up or improve their employee benefit plans. 

We know that American families are worried about saving enough for retirement. With Americans living longer than ever and underestimating their longevity, policymakers should be seeking more ways to encourage families to plan ahead and businesses to offer retirement plans in the workplace. We do not need a major new rule from Washington that creates obstacles for Americans seeking a secure retirement.