Groups applaud proposed retirement security legislation

“This legislation is a huge step in the right direction in giving Americans the ability to bolster their retirement security with guaranteed lifetime paychecks,” said Cathy Weatherford, CEO and President of NAVA, the Association for Insured Retirement Solutions. “We all know there is a growing problem with Social Security – just last month the Treasury Department announced the system will go broke four years sooner than we thought if we don’t make dramatic changes. Now more than ever, Americans need to plan long term, and to have the peace of mind that only lifetime payments can deliver.”

The bill received further praise from the Americans for Secure Retirement coalition. William Waldie, chairman of ASR, released a statement saying, “Retirement security is an increasing concern for Americans as traditional sources of retirement income become less reliable. Representatives Pomeroy and Brown-Waite should be commended for recognizing the importance of encouraging Americans to plan for retirement with options, such as lifetime annuities, that provide a steady stream of income in retirement.”