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Burrows Asks DOL to Remove Barriers to Lifetime Income Options

Senior VP of The Principal Testifies for The Roundtable

September 15, 2010 (Washington, D.C.) - Stressing the need for action on lifetime income regulations, Greg Burrows, senior vice president of retirement and investor services for the Principal Financial Group®, testified before the Department of Labor (DOL) today on behalf of the Financial Services Roundtable.

The hearing was focused on “Certain Issues Relating to Lifetime Income Options for Participants and Beneficiaries in Retirement Plans.”

Burrows asked the DOL to clear hurdles that currently prevent employers from providing American workers with crucial retirement income assistance.

“There is a sense of urgency. We are on the verge of another baby boomer revolution as the first wave of 76 million begins to retire in 2011,” Burrows said. “Of all the challenges facing this generation and the next, few are as daunting as the risk of outliving their savings.”

“Plan sponsors are in the best position—and believe it is their responsibility—to help participants decide what to do with their savings at retirement. But concerns over fiduciary responsibilities keep many from acting.”

Burrows also asked the DOL to:

  • Encourage use of retirement income illustrations to drive home how long savings will last in retirement
  • Provide guidance on the right information at the right time for participants to make lifetime income decisions 
  • Support legal protection and incentives, not mandates, to encourage plan sponsors to address retirement income issues voluntarily

The Principal® recently released a white paper, “Bridging Employees’ Retirement
Income Gap with Income Annuities,” that provides an overview of how income annuities can be offered to retirement plan participants at the point of retirement.   

Burrows’ full testimony can be found here.

About the Principal Financial Group

The Principal Financial Group® (The Principal®)[1] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $284.7 billion in assets under management[2] and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

About the Roundtable

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer.  Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $74.7 trillion in managed assets, $1.1 trillion in revenue, and 2.3 million jobs.

[1]
The Principal Financial Group and The Principal are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
[2]
As of June 30, 2010.

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