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Life Health > Annuities

TIAA Asks States to Adopt a Retirement Security Bill of Rights

By Allison Bell

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TIAA is backing an initiative that could expand workers’ access to annuities within 401(k) plans and other employer-sponsored retirement plans.

The New York-based life insurer and asset manager has asked members of the National Council of Insurance Legislators, a group for state lawmakers, to back a retirement security bill of rights.

The proposal states that workers have a responsibility to save for retirement but that participation should be voluntary.

“Every worker deserves clear information to allow them to compare savings and income options and make informed choices to achieve a secure retirement,” according to another provision in a summary posted by NCOIL.

What it means: The bill of rights effort could help companies like TIAA and Equitable add annuitization options to more retirement plans.

That could hurt retail advisors by creating competition and help by increasing worker interesting in retirement savings.

The discussion: Members of NCOIL’s Life Insurance and Financial Planning Committee discussed the bill of rights proposal and a lifetime income investment solutions support resolution recently at an in-person meeting in Costa Mesa, California.

The resolution would build on provisions in the Setting Every Community Up for Retirement Enhancement Act and its sequel, the Secure 2.0 Act.

Brendan McCarthy, a senior managing director at TIAA, presented the proposal at an earlier committee meeting, in April. Committee members at the meeting discussed the need for shoring up Social Security — to help people with no ability to save — and for financial literacy efforts — to increase the number of workers who can and do save for retirement.

TIAA’s approach: TIAA has set up a website to make the case that, “It’s time for a Retirement Bill of Rights.”

“Every American should be able to retire with dignity,” according to the site.

TIAA has suggestions for what workers and employers can do to get the bill of rights proposal adopted.

TIAA-CREF Sign Photo: AP

Allison Bell

Think_Allison

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