Passage of the Registered Index-Linked Annuities (RILA) Act and the SECURE Act 2.0 as part of the 2023 Omnibus Appropriations bill greatly benefits consumers as well as the insurance financial professionals who help them prepare for retirement and achieve financial security. The National Association of Insurance and Financial Advisors (NAIFA) has strongly advocated on behalf of both pieces of legislation.
“With this bipartisan legislation, Congress makes it easier for Americans to prepare for retirement and gives them greater access to innovative annuity products that guarantee lifetime income while offering some protections from market volatility,” said NAIFA President Lawrence Holzberg, LUTCF, LACP. “SECURE 2.0 will also make it easier for more companies to offer retirement plans for their employees. Preparing for a secure retirement is a vital part of any financial plan and receiving a guaranteed lifetime income can be an important part of that plan for many consumers. It’s great to see strong advocacy efforts by NAIFA, our members, and our advocacy partners pay off with a great win for consumers.”