Why Does AARP Support the Retirement Security Rule?

AARP presenting this at the Biden WH is like most of their deceptively named actions, ex: “Inflation Reduction”. They are merely falling in line with the Democratic narrative. It’s time or more likely overdue for the (mis)represented people to vigorously express their opposition to this and similar policies.

Once, AARP got sideways with members - Medicare Catastrophic Coverage Act of 1988 (MCCA) - From Heritage: "... During the MCCA debate, there was powerful support for the legislation in Congress (and DC) interest groups ... AARP was perhaps the most prominent player in a drama that included ... senior citizen organizations, consumer groups, medical societies, and even ... the health care industry. ... (DC) health care policy experts were favorable... But ... DC-based groups severely misjudged the reactions of ordinary Americans, including those they claimed to represent. ... AARP staff in particular found itself on the defensive when millions of elderly Americans started complaining bitterly to Members of Congress ... The New Republic's, Phillip Longman noted: "Congress and the AARP have been besieged. The abuse heaped on the AARP by its members this summer has been so unrelenting that its (DC) policy staff - most of them idealistic, liberal-minded baby boomers - have begun to talk back like unrepentant granny-bashers. Some congressional offices ... (received) up to 1000 letters a week ... demanding that the bill should be repealed or its cost should be SHIFTED ONTO SOMEONE ELSE...." (My emphasis, and what ultimately happened).

AARP Is a an Insurance Marketing & Distributor Organization, among other things. Look closely at all their revenues and where they come from. They are a glorified Not For Profit that generates hundreds of millions! AARP like the US Chamber, often support things that are pure contradictions, relative to the memberships they serve! Well in My opinion anyway. That said, keep in mind ERISA based pay for play rules & prohibited transactions. This new DOL Fiduciary Rule, simply puts those ERISA Standards on steroids. Add fresh Regulatory oversight courtesy the SEC, agents see another lock down. This one designed like the Pandemic; Do as I say agents & brokers, you can't do, what the big boys do! Thanks DOL, America's retirement wealth is in the hands, of those who serve Wall Street Money! The Golden Goose has laid another Egg, on an expensive fee based platter! Agents & Brokers, Caveat Emptor The simple reality of the whole DOL Wall Street ( SEC] mess is this; It's about retirement account assets, the revenues they generate and the greedy fat cats that own manage & control US Consumer Retirement Wealth. using politics to gain assurances that most of everything money wise stays with the ?? Big Banks!

David, All this to ?? savers to ?? that “they all know” has some serious g-forces coming - it’s cyclical. Strange alliances needs consumers working with head to the plow, not asking a lot of “quality questions”, assuming majority of the risk, being less informed about superior strategies and on autopilot in the market. Let’s see how fiduciary advice worked out in the last major bubble. EVERYONE pay particular attention to all questions and answers throughout. #informed #beinformed #knowbetterdobetter 2008; Roll tape 3 ??: https://youtu.be/nAHgr9dY9BU?si=_i9g9QXcAKYjWB4L

I'm surprised given the AARP is a huge distributor of fixed annuity contracts (SPIAs/MYGAs). There are probably 15 or so carriers at any given time on thier distribution platform on a "pay to play" arrangement. Not sure who would be the "Fiduciary" in this business model. Maybe AARP is ok going to non-qualified contracts only. Any one have some thoughts on all these BTC business models? Sheryl J. Moore (do you know what's the AARP annual $ annuity premium volume?)