American Council of Life Insurers: Ohio Strengthens Protections for Annuity Consumers
Targeted News Service
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Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) Ohio President
Duane Borcherding made the following joint statement on a best interest annuity rule recently adopted by the
Ohio Department of Insurance:
"When retirement savers in
Ohio work with a financial professional, they should have confidence that person is acting in their best interest. This rule achieves this important goal by enhancing consumer protections while safeguarding access to information for lower- and middle-income savers.
"In 2019,
Congress recognized the significance of helping people create a personal pension using annuities by passing legislation making it easier to include them in workplace retirement plans. Access to information about annuities is vital for anyone looking for the peace of mind that comes from a retirement income they can't outlive.