NEW STANDARDS AIM FOR FASTER CONSUMER ACCESS TO ANNUITY FUNDS

WASHINGTON, D.C. – Consumers could experience faster, simpler access to money from their annuities under new digital standards advanced by the Insured Retirement Institute (IRI), in collaboration with industry stakeholders.

Many withdrawal transactions still rely on fragmented processes, paper documentation, and firm-specific integrations that can slow processing and create inconsistent experiences. The new standards will support faster access to funds, reduce operational friction, minimize manual errors, and enable more seamless electronic transactions across firms.

“Replacing paper-based and manual workflows with standardized digital processes helps reduce delays, improves transparency, and creates a more seamless experience for financial professionals and consumers alike,” said Hannah Pikus, Director, Digital First Standards, IRI.

The standards establish a real-time, digital framework for withdrawals that allow firms to:

• Determine which withdrawal transactions are available digitally
• Run withdrawal quotes and calculations in real time
• Submit and process withdrawal requests electronically without paper forms or manual re-entry

The standards are part of IRI’s Digital First for Annuities initiative, an industry-wide effort to modernize the annuity experience across presale, sale, and post-sale servicing.

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Contact: Dan Zielinski