IAA voices concerns about proposal for portable retirement investment accounts

By Amanda Maine, J.D. The Investment Adviser Association (IAA) weighed in on a proposal from Sen. Mark Warner (D-Va) and Rep. Jim Himes (D-Conn) for a new approach on a universal and portable retirement savings account for Americans that have frequent job turnover and those who use alternative work as their primary jobs. IAA warned of possible unintended consequences of the proposal and stressed the importance of investor choice and access to different investment strategies. PRIA proposal. The legislators’ proposal, which was published in the form of a white paper and not actual legislation, discusses the establishment of Portable Retirement and Investment Accounts (PRIAs). According to Warner and Hines, fewer workers are staying at a single employer for decades as they have in the past. The white paper also discusses “alternative work arrangements” that play an increasingly significant role in the economy, such as independent contractors, part-time workers,…

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