Labor Secretary Vows to Heighten Awareness of Annuities in 2010

U.S. Labor Secretary Hilda Solis said that one of her top regulatory goals for 2010 is helping to ensure people don’t outlive their retirement savings by increasing public awareness of annuities. Solis also believes 401(k) plans should offer annuities.

The Insured Retirement Institute applauded the effort, with IRI President and CEO Cathy Weatherford commenting, “I have been saying all year that, in our current financial environment, the value of a guarantee has never been greater. With the dramatic declines in the financial markets, the value of guaranteed investment products has never been more apparent.

“The dependable, guaranteed stream of retirement income that annuities provide to people later in life is being noticed at the highest levels,” Weatherford continued. “We are pleased that the Obama Administration has renewed its focus on looking at annuities as a potentially pivotal piece of the retirement planning puzzle.”