Act Requiring State-Run Retirement Plans to Provide Consumer Protections Becomes Law

On Wednesday, President Trump signed into law H.J.Res. 66, a bill that assures state-sponsored plans will not have a free pass from protections afforded all other retirement savers.

“These state-run plans would have forced millions of private-sector workers into untested retirement schemes with high fees, low returns, and fewer worker protections,” NAIFA President Paul Dougherty said. “This has been a high priority for NAIFA's advocacy team and grassroots network, and it's gratifying to see our hard work pay off. This is a win not just for advisors, but for consumers who deserve access to high-quality retirement plans and advice and all of the protections afforded under the law.”
NAIFA worked with Congress to roll back the ill-advised rule utilizing the Congressional Review Act to ensure worker protections, and avoid mandates, and unnecessary complexity. NAIFA sent letters to all 535 lawmakers and urged NAIFA members to contact their senators to support the bill. NAIFA key contacts also made personal phone calls to top congressional leaders, while NAIFA representatives met with members of Congress and their staff on the issue. The Act also prevents the issuing agency—in this case the Department of Labor—from issuing any similar rule in the future.
NAIFA's grassroots advocacy will be on display again Wednesday, when nearly 800 NAIFA members will meet with lawmakers as part of NAIFA's annual Congressional Conference. The advisors will educate members of Congress on the important role insurance and financial advisors play in helping 75 million American families achieve financial security.
  • Posted May 18, 2017 IN

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