Insured Retirement Institute CEO Vows to Defend Annuity Industry

Insured Retirement Institute officials are talking about efforts to shape the U.S. Department of Labor’s definition proposal at the group’s annual conference this week in Nashville, Tennessee.

CEO Wayne Chopus told attendees that he hopes they’ll see IRI as the champion and defender of the retirement income industry, according to a summary provided by the association.

A year ago, IRI was celebrating the enactment of the federal Secure 2.0 Act retirement provisions, but, just months later, the Labor Department released a new version of an investment advice fiduciary definition that could hurt the traditional annuity distribution system, Chopus said.

“The DOL once again introduced a flawed and unnecessary rule, which every one of you in the room knows would ultimately harm millions of America’s workers and retirees,” Chopus said.

IRI is also working to support a “digital first” approach to delivering annuities and related services, he said.