Expanding 401k Access Highlights IRI’s 2020 Advocacy ‘Blueprint’

IRI 2020 blueprint, expanding 401k access, advocacy blueprint

401ks figure prominently in the Insured Retirement Institute's 2020 goals blueprint

“Expand opportunities to save for retirement by enhancing access to, and features of, workplace retirement plans” is the very first goal listed by the Insured Retirement Institute in its 2020 federal legislative policy objectives, released in late February.

Hey, that’s a goal 401k-focused advisors and the “leading trade association for the retirement income industry,” as IRI calls itself, can certainly agree on.

IRI annually releases its “blueprint” for its federal and state policy objectives for the year, and this year they remain focused on expanding workers’ opportunities to save for retirement, facilitating use of lifetime income products and supporting consumer protections that safeguard against financial exploitation and maintain consumers’ choice of financial advice and products.

IRI’s Wayne Chopus

“Our federal and state blueprints provide a clear, concise public policy agenda that we will seek to advance through constructive engagement,” said Wayne Chopus, IRI president and CEO. “This successful approach helped to enact comprehensive retirement security legislation last year and shaped federal and state standard of conduct regulations.”

In addition to the aforementioned “expanding opportunities to save for retirement…” goal, other goals include:

Following last year’s enactment of the SECURE Act, IRI says it will focus its efforts on advancing additional legislation to help American workers save for retirement and facilitate the utilization of lifetime income products.

IRI Federal Blueprint Legislative Highlights

Here are highlights of IRI legislative goals relating to retirement plans:

IRI Federal Blueprint Regulatory Highlights

IRI State Blueprint Highlights

When it comes to individual states, IRI is calling on state policymakers to pursue uniform adoption of the revised NAIC best interest model regulation, saying individual state efforts to impose a fiduciary duty on broker-dealers would result in a patchwork of conflicting and inconsistent regulations that would impair consumer access to financial advice and products.

IRI is also advocating for states to refrain from establishing state-run plans, and instead encourage their federal counterparts to pass legislation making it easier for small- and mid-size employers to offer retirement plans.

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