U.S. senators praised for leadership in advancing policies to support American retirement savers
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today honored Sen. Johnny Isakson (R-Ga.) and Sen. Christopher Murphy (D-Conn.) as 2015 recipients of the IRI Champion of Retirement Security Award during an event on Capitol Hill. The award is bestowed upon public policymakers who support and advance policies that enhance retirement security in the United States.
“Today we honor Senator Isakson and Senator Murphy for their commitment to and leadership on retirement security issues,” IRI President and CEO Cathy Weatherford said. “Both understand the challenges that Americans face in saving and preparing for a financially secure retirement, and both continue to support public policies to address these issues. We look forward to continuing to work with Senator Isakson and Senator Murphy to advance our shared goal of helping Americans achieve a financially secure and dignified retirement.”
Sens. Isakson and Murphy co-sponsored the Lifetime Income Disclosure Act, which was reintroduced in May. The legislation, which is strongly support by IRI, would require employer-sponsored retirement plans to provide participants with an estimate of how much lifetime income can be generated in retirement from a worker’s savings. IRI states that the bill will provide workers with a better understanding of their savings options and lead to more informed financial decision making. A January study issued by IRI found that nine in 10 workers want these lifetime income estimates on their benefit statements and find the information helpful in planning for their future financial security.
Tax incentives that promise financial security
Sens. Isakson and Murphy also co-sponsored a concurrent resolution in the Senate in April 2013 to recognize the importance of the current tax incentives for retirement savings that help Americans prepare for a financially secure retirement. IRI applauded the resolution, and has included preserving these tax incentives as a key objective as part of its 2015 retirement security public policy agenda. A 2013 study by IRI found that found middle-income Baby Boomers would be less likely to save for retirement if tax incentives for retirement savings were reduced or eliminated.
The awards were presented to Sens. Isakson and Murphy by IRI Chairman of the Board Nick Lane, Senior Executive Director and Head of U.S. Life and Retirement for AXA. The IRI Champion of Retirement Security Award was established in 2013 to recognize public policymakers who work to enhance retirement security in the United States. Recipients of this award demonstrate leadership in promoting retirement savings and financial security for all Americans.
About the Insured Retirement Institute: The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement.
Learn more at www.irionline.org.