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.
