President Barack Obama endorsed Labor’s plan in February, putting new momentum behind the effort to revise rules that affect tens of millions of baby boomers nearing retirement age and workers who don’t have pension plans.

Risky Investments

The new protections would save investors $40 billion in fees over 10 years, according to the Labor Department. At present, brokers face a less-stringent suitability standard that requires investments fit a clients’ needs and risk tolerance.

Financial-industry lobbyists have argued that costlier regulations could take options away for smaller investors.

Annuities -- typically sold by insurance companies -- are investments that guarantee specific returns over time. People tend to buy them to ensure they have a steady source of income after they retire.

At the same time, investor advocates have warned for years that some annuities carry high fees and big penalties for early withdrawals that make them risky investments for people nearing the end of their lives.

Warren also planned to send the letters to Allianz SE’s U.S. division, TIAA-CREF, New York Life Insurance Co., Prudential Financial Inc., Aegon NV’s Transamerica, Axa SA’s U.S. unit, MetLife Inc., Nationwide Mutual Insurance Co., Pacific Life Insurance Co., Forethought Financial Group Inc., Riversource Life Insurance Co. and Security Benefit Life Insurance Co.

She is a member of the Senate Banking Committee, which plans to hold a Tuesday hearing on insurance regulation.

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