The IRI Calls for 401k Annuities
As the deadline for the Treasury and Labor Departments’ request for information nears, the Insured Retirement Institute (IRI) asks for these government agencies to make it easier to implement 401k annuities. From Darla Mercado’s Investment News article “Retirement industry group backs annuities in 401(k)s,” the IRI hopes that government plans will help 401k plan sponsors offer their employees’ annuities. Americans are concerned about the state of social security, their traditional pensions have disappeared, and many have lost a tremendous amount of their 401k plans through market losses. They need a form of guaranteed income in retirement now more than ever.
The IRI’s 41 page letter asked for a few things from the Treasury and Labor Departments. They would like employer incentives to offer more annuities in employee retirement plans. With simplified rules and limited administrative tasks for plan sponsors, the IRI believes that it will be easier for employers to offer guaranteed income from variable and fixed annuity products. They’d also like more education and incentives offered to investors that don’t have pension plans. While the IRI is an advocate for annuities, they believe that their requests from the government are for the greater good of Americans. Guaranteed lifetime income in retirement will help retirees continue their way of life into retirement.
