Letter to the editor

Regulations of retirement choices


Obamacare and attempts to replace it needs to be second priority compared to the DOL trying to regulate retirement choices. It is having an attempt to take over our retirement without consent of Congress.

While spotlight is about valuable health coverage our retirement choices originally from last administration is at stake from the Department of Labor – known as fiduciary rule of law. This may have started with talk radio that never allowed unbiased debates- calling fee based retirement “best interest” without reviewing virtue of Life insurance and annuities being guaranteed.

The April 10 compliance date needs delayed and priority desperately needs to focus on freedom of choice retirement. DOL needs out of state regulated insurance products like “fixed and safe”annuities. Obama-style retirement ‎ not best interest of business or consumers nor American Labor.

DOL Fiduciary rules are meant to shut down safe fixed annuity insurance agents and forcing all of us to put retirement rollovers into risky stocks. These stocks are usually foreign investments with only variable options.

Much of the insurance industry has lost as many as 40 percent of agents due to do not call lists, mass media of only six major sources of media to public and so called consumer warriors of radio.

Very few people buy on line due to little explained purpose of ‎products on line. Besides, fee based securities over period of 7-10 year get paid about 5 times an annuity agent’s commission on a guaranteed product!

Issue is due to less people having life insurance, retirement annuities, long term nursing insurance- we are less than one generation of wealth not even being passed to surviving spouses!‎ What will children inherit with 70,000 factory jobs sent to China, Viet Nam, Mexico, and France? Not enough jobs are being created by increased gun manufacturing!

IF I were in Senate OR Congress I would repeal the “Non- wire tapped – Obamaretirement.”‎ Like the defenders of the Alamo before repealing Obamacare- we need help protecting American based insurance regulation, not cohesive rules forcing us to invest retirement out of country.

— Jeff Flora, Bath Township