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2017 Archives: Financial Security and Consumer Affairs

AARP correspondence to lawmakers and regulators

The following documents related to consumer affairs and the financial security of people 50-plus are presented in reverse chronological order.

May

L:  On May 1, 2017 AARP sent a letter to the entire U.S. Senate urging Senators to vote against H.J. Res. 66, a Congressional Review Act resolution to overturn the Department of Labor’s guidance on “Savings Arrangements Established by States for Non-Governmental Employees.”  Today, 55 million working Americans do not have a way to save for retirement out of their regular paycheck. To promote greater retirement savings, more than half the states in the last two years have considered a variety of options to provide employers and their workers with low-cost savings options. H.J. Res. 66 sends an unmistakable message to states and to voters that state flexibility to encourage greater retirement savings is not desired by Congress.  (PDF) 

March

L:  On March 17, 2017 AARP sent a letter to the U.S. Employee Benefits Security Administration expressing strong opposition to the U.S. Department of Labor’s proposal to delay the applicability dates of the “Definition of the Term ‘Fiduciary’; Conflict of Interest Rule – Retirement Invest Advice” (the Rule) and its related prohibited transaction class exemptions for a period of sixty days.  The Department used a deliberative and inclusive process, including six years of review, four days of hearings, numerous meetings with interested stakeholders, over 375 pages of regulatory impact analysis, in excess of 3,000 public comments, and more than 375,000 petition signatures. The time is now to protect hard-earned retirement savings of participants and beneficiaries. (PDF)

 

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