IRI VISION: TRANSFORMING RETIREMENT DREAMS INTO SECURE REALITY

Wayne Chopus, President and CEO, IRI testified before the House Health, Employment, Labor, and Pension Subcommittee on January 7, 2026 for a hearing, “Modernizing Retirement Policy for Today’s Workforce.” Below is his oral testimony to the subcommittee.

Good morning, Chairman Allen, Ranking Member DeSaulnier, Chairman Walberg, Ranking Member Scott and members of the Health, Employment, Labor and Pensions Subcommittee. ​

I’m Wayne Chopus, President and CEO of the Insured Retirement Institute, which represents the full supply chain of the insured retirement industry, including life insurers, distributors, asset managers, and solution providers. ​

Thank you for the opportunity today to address a challenge that impacts every American worker and retiree: transforming the dream of retirement into a secure reality marked by confidence, peace of mind, and the assurance that savings will last. ​

This challenge can be understood through three realities. ​

First, Americans are living longer, but retirement readiness hasn’t kept pace – especially the risk of outliving savings. ​ A recent study found 64 percent of Americans worry more about running out of money in retirement than about death itself. ​

Second, the private sector retirement system has fundamentally changed. ​ We’ve moved from pensions that provided guaranteed lifetime income to defined contribution plans where all the responsibility is placed on individuals to save and turn those savings into sustainable retirement income. ​

Lastly, while the SECURE Act and SECURE 2.0 have expanded savings and integrated lifetime income solutions into defined contribution plans, gaps still remain.​ Annuities can close these gaps by providing protected, guaranteed income. ​

Annuities work in harmony with IRAs, 401(k)s, and Social Security by uniquely removing longevity and market risks that other retirement savings vehicles just cannot match. ​

Just as Americans insure their homes, their cars, and their health, annuities insure against the risk of outliving savings. They guarantee a steady stream of mailbox money – income retirees receive regardless of market conditions. ​

An example of this is personal to me. ​

My parents are both retired and have defined benefit pensions.​ They do not have significant savings, but they sleep well at night because every month, without fail, checks arrive from their employers – income they know they can’t outlive. ​ That peace of mind is largely missing today. ​

Across every congressional district, thousands of workers and retirees lie awake, anxious about outliving their savings.

Annuities provide mailbox money to ease financial stress and replace uncertainty with the steady reassurance of monthly checks that arrive like clockwork, lifting a burden from retirees’ shoulders.

By expanding access to lifetime income solutions as IRI recommends, Americans can step boldly into retirement, protected and confident, free from the shadow of financial uncertainty.

IRI is ready to work with you on our shared mission to ensure all Americans have access to a secure, dignified, and financially independent retirement. ​

Thank you, and I look forward to your questions.

IRI Press release
Written testimony submitted to the HELP Subcommittee.

 

Contact: Dan Zielinski