Life insurers are welcoming President Donald Trump’s new retirement security executive order — and hoping Congress will follow up by passing S. 2526, the Retirement Enhancement and Savings Act (RESA) bill.
S. 2526 includes a fiduciary safe harbor provision that could help life insurers increase sales of savings annuitization products to retirement plan participants.
Susan Greenwell, a senior vice president at MetLife Inc., put out a statement calling the release of the executive order a “historic step towards expanding access to financial security in retirement for the 40 million Americans who work for small businesses.”
Alane Dent, a federal affairs staffer at the American Council of Life Insurers (ACLI), said in a statement of her own that the ACLI strongly endorses the executive order.
Greenwell and Dent said they are now hoping for quick congressional passage of S. 2526.
“The executive order plus passage of RESA by Congress this fall would signal to workers planning for retirement that policymakers are helping Americans build their retirement security,” Dent said.