April 3, 2017

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FSR: Let’s Expand Access to Retirement Savings Without Sacrificing Consumer Protections

Policymakers should make it easier for more Americans to save for retirement without sacrificing needed consumer protections. - Jill Hoffman

FSR: Let’s Expand Access to Retirement Savings Without Sacrificing Consumer Protections
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FSR: Let’s Expand Access to Retirement Savings Without Sacrificing Consumer Protections

Applauds Senate Resolution Disapproving DoL Regulation That Threatens the Retirement Security of Millions of Americans

WASHINGTON, D.C. – The Financial Services Roundtable (FSR) today applauded the U.S. Senate for passing a joint resolution to reject a Department of Labor (DoL) rule for government-run and mandated IRA plans at the municipal level that weaken consumer protections and threaten the retirement security of millions of Americans.

The DoL previously granted municipalities liability relief from the Employee Retirement Income Security Act (ERISA), a federal law that sets minimum standards for retirement plans in private industry and protects the safety of retirement assets. FSR supports expanding access to retirement savings, but believes both private sector and government-run plans should be held to the same ERISA standards to better protect consumers.

“Policymakers should make it easier for more Americans to save for retirement without sacrificing needed consumer protections,” said Jill Hoffman, FSR’s Vice President of Government Affairs for Investment Management. “Whether you participate in a private sector retirement plan or one offered by a municipality, hardworking Americans deserve the same level of consumer protections to ensure their money is safe and will be there when they retire.”

FSR applauds the Senate for today passing H.J. Res. 67 and urges consideration of H.J. Res. 66 to protect consumers in state-created retirement plans.

About The Author

The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

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