Industry Group Awards Senators Smith, Tillis Federal Retirement Security Award

Wayne Chopus and Sen. Tina Smith

The Insured Retirement Institute on Thursday awarded Senator Tina Smith, D-Minnesota, and Senator Thom Tillis, R-North Carolina, its annual retirement security award for leadership in advancing retirement security for workers and retirees, the Federal Champion of Retirement Security Award. 

Smith and Tillis were honored, in part, for sponsoring the Registration for Index-Linked Annuities Act, designed to bring transparency to the investors considering a registered index-linked annuity by calling for clear, direct information about the financial product, according to the IRI’s announcement.  

“Senators Smith’s and Tillis’ leadership was a critical element in enacting the Registered Index Linked Annuities Act, which will spur further product innovation and competition for these unique products,” Wayne Chopus, IRI’s president and CEO, said in a statement. “The laws provide more opportunities to save for retirement and foster innovation to facilitate the greater use of protected, guaranteed lifetime income solutions.” 

RILA products have hit sales records in 2023, as investors seek a tax-deferred vehicle with the potential for higher growth rate than fixed-rate deferred and fixed-indexed annuities, with a measure of risk protection, according to insurance industry association LIMRA. In the first nine months of 2023, RILA sales totaled $34.4 billion, an 11% increase from the same period last year. The organization is forecasting record RILA sales in 2023 and nearly 10% growth in 2024. 

According to IRI’s statement, Smith and Tillis were pivotal in liaising with the Securities and Exchange Commission to ensure enactment of the bill’s objectives. The act directed the SEC to adopt a new registration form for RILAs within 18 months of its enactment, according to a September statement from the SEC. 

Smith serves on the Senate committee on banking, housing and urban affairs and the Senate committee on health, education, labor and pensions. Tillis serves on the Senate committee on finance and the Senate committee on banking, housing and urban affairs. 

“Everyone deserves to retire with dignity and financial security,” Smith said in a statement. “We should be doing everything we can to help ensure Americans are on stable financial footing when they step away from their jobs.” 

Wayne Chopus and Sen. Thom Tillis

“I am honored to accept the 2023 Champion of Retirement Security Award,” Tillis said in a statement. “As a strong advocate for the more than 1.7 million retirees across North Carolina, I remain committed to supporting legislation that ensures their financial well-being and security.” 

The IRI Champion of Retirement Security Award was launched in 2013 and recognizes policymakers dedicated to improving retirement security in the United States. 

Last year’s winners were Representative Kevin Brady, R-Texas, and Representative Mike Thompson, D-California, in part for their work in sponsoring SECURE 2.0 retirement legislation.