401(k) Specialist Issue 2 - 2020 - 11
401(k) FIDUCIARY FILE
Hawkeye State Proposes Harmonized
Annuity Best Interest Regulation
AS ANNUITIES ARE POISED for meaningful expansion into 401(k)
plans as a result of the SECURE Act, states are beginning to update
standards for those who are selling annuities to consumers.
The Iowa Insurance Division filed proposed regulations to require
annuity agents and securities agents to act in the best interest of
their customers, with standards intended to ensure consumers'
interests are put first.
This makes Iowa, a prominent insurance and annuity industry
hub, the first state to propose a new annuities best-interest regulation
based on the National Association of Insurance Commissioners'
(NAIC) updated Suitability in Annuity Transactions Model Regulation
that is now harmonized with rulemaking by the U.S. Securities and
Exchange Commission (SEC). The American Council of Life Insurers
(ACLI) projects at least 12 more states will follow suit this year.
Iowa Insurance Commissioner Doug Ommen, who is also the
state's securities regulator, was a key part of the NAIC
group that was finally able to get the group's long-desired
annuities model regulation over the finish line
earlier this month.
ONLINE
EXTRA
SECURE Act Impact: 3% Reduction
in Retirement Deficit?
KEY PROVISIONS OF the SECURE Act could reduce the U.S.
retirement deficit by 3% or $115 billion for households between
35-64, according to a new study by the Employee Benefit Research
Institute (EBRI).
For workers currently age 35-39, the percentage reduction
increases to 5.3%, and further increases to 10.7% if they work for
small employers (less than 100 employees).
The Issue Brief, " Impact of the SECURE Act on Retirement Income
Adequacy, " uses EBRI's Retirement Security Projection Model
(RSPM) to evaluate the impact of provisions in the SECURE Act on
retirement income adequacy on a national basis, including greater
access by allowing providers to offer Open Multiple Employer Plans
(MEPs), raising the cap under which plan sponsors can automatically
enroll workers in " safe harbor " 401(k) plans from 10% to 15% of
wages, and the new requirement to offer retirement plans for longterm
part-time employees.
EBRI analyzed the impact of these provisions, by themselves and in
combination with others, to provide a quantitative estimate on the impact
on retirement income adequacy. This effect is measured by changes
in the average simulated retirement savings deficits and surpluses.
ISSUE 2 2020 | 401kSpecialist.com
11
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401(k) Specialist Issue 2 - 2020
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2020
Table of Contents
401(k) Specialist Issue 2 - 2020 - Cover1
401(k) Specialist Issue 2 - 2020 - Table of Contents
401(k) Specialist Issue 2 - 2020 - 1
401(k) Specialist Issue 2 - 2020 - 2
401(k) Specialist Issue 2 - 2020 - 3
401(k) Specialist Issue 2 - 2020 - 4
401(k) Specialist Issue 2 - 2020 - 5
401(k) Specialist Issue 2 - 2020 - 6
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401(k) Specialist Issue 2 - 2020 - 8
401(k) Specialist Issue 2 - 2020 - 9
401(k) Specialist Issue 2 - 2020 - 10
401(k) Specialist Issue 2 - 2020 - 11
401(k) Specialist Issue 2 - 2020 - 12
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401(k) Specialist Issue 2 - 2020 - 43
401(k) Specialist Issue 2 - 2020 - 44
401(k) Specialist Issue 2 - 2020 - Cover3
401(k) Specialist Issue 2 - 2020 - Cover4
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