IRI Recognizes Lawmakers for their Commitment to Retirement Security

IRI Recognizes Lawmakers for their Commitment to Retirement Security

Senator Hatch & Senator Tester Commended for Efforts to Advance Retirement Security

WASHINGTON, D.C. The Insured Retirement Institute (IRI) today honored Senator Orrin Hatch (R-UT) and Senator Jon Tester (D-MT) as the 2017 recipients of IRI’s Champion of Retirement Security Awards. This award is bestowed upon public policymakers who support and advance policies aimed at enhancing retirement security in the United States.

“IRI applauds Senators Hatch and Tester for their efforts to ensure all Americans have the opportunity to reach a financially secure and dignified retirement,” said IRI President and CEO Cathy Weatherford. “Both Senator Hatch and Senator Tester understand the challenges facing Americans who are preparing for retirement. These leaders have worked tirelessly to promote sound policies to help Americans overcome these obstacles and achieve their retirement goals.”

Senator Hatch is Chairman of the Senate Committee on Finance and has promoted policies to better secure retirement savings for millions of Americans. He has sponsored several bills, including the SAFE Retirement Act of 2013 (S. 1270), the Affordable Retirement Advice Act (S. 1321) and the Retirement Enhancement & Savings Act (S. 347). Through these bills the Senator has sought to enact laws which would implement common-sense long-overdue reforms and allow for new innovations which would expand coverage of workplace retirement plans, increase access to lifetime income retirement products, remove regulatory legal barriers to facilitate retirement saving, and protect access to financial advice for Americans seeking assistance in saving more and preparing for their retirement.

“I am deeply humbled to receive the Insured Retirement Institute’s Champion of Retirement Security Award,” said Senator Orrin Hatch in response to being honored. “Ensuring that our nation’s citizens are able to save and prepare for a secure retirement has long been a top priority of mine. As Chairman of the Senate Finance Committee, I will continue to promote and encourage retirement savings and security. I wish to thank IRI, again, for its years of support in this endeavor.”

Senator Tester is a member of the Senate Banking, Housing and Urban Affairs Committee where he has been strong voice championing policies which can help Americans reach their financial goals in retirement.  He has been a vocal advocate to ensure that all Americans have access to affordable professional financial advice and he has supported increased protections for millions of older Americans who are the victims of financial exploitation by cosponsoring the Senior$afe Act of 2017 (S. 223). The Senator has also encouraged the Securities Exchange Commission to work with the Department of Labor to develop a harmonized standard of care for broker-dealers that applies to personalized financial advice offered to retail investors.

“I’m honored to be joining a long list of folks who have worked hard to help Montanans and all Americans prepare for retirement—whether that’s by passing legislation, or simply teaching people how to save for the future,” Senator Jon Tester said in acknowledgement of the award. “A lot of folks are still trying to revive their retirement accounts after the 2008 financial crisis, and around half of Americans don’t have any retirement savings at all. We still have a lot of work to do.”

The awards were presented by IRI President and CEO, Cathy Weatherford. The IRI Champion of Retirement Security Award was established in 2013 to recognize public policymakers who work to enhance retirement security in the United States. Recipients of this award demonstrate leadership in promoting retirement savings and financial security for all Americans.

Following the presentation of the awards, IRI hosted a panel discussion on “The Role Lifetime Income Plays in Achieving a Secure Retirement”.   The panel featured presentations from representatives of Prudential Annuities, Morgan Stanley Wealth Management, AARP Public Policy Institute, and Harris Financial Group/LPL Financial.  The panel highlighted the findings from Prudential’s “Perspectives on Retirement” study, which found that nearly 70% of retirees cited having enough money to maintain a secure retirement as their #1 financial goal.  Panelists also discussed the role that annuities and other lifetime income products play in helping Americans meet their objective of attaining a secure and dignified retirement.   

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For a PDF of this release, click here.
Contact: John B Jennings