The American Council of Life Insurers issued the following statement on the introduction of a Sense of Congress Resolution in support of retirement savings:

Washington, D.C. (February 16, 2012) — The American Council of Life Insurers (ACLI) applauds Reps. Jim Gerlach (R-PA) and Richard Neal (D-MA) for leading the effort to introduce a Sense of Congress Resolution recognizing that the current tax incentives for retirement savings are key to helping Americans achieve financial and retirement security.

Millions of people are relying on the savings within their annuities and workplace plans as their primary source of future retirement income. For this reason, Congress has long-supported public policies that encourage Americans to plan for retirement. The resolution, supported by over 100 cosponsors, reaffirms this support.

Life insurance companies are at the forefront of helping Americans prepare for retirement. Life insurers’ products and services help workers save for retirement and through annuities, convert savings into guaranteed streams of lifetime income. ACLI believes the current tax incentives for retirement savings have encouraged Americans to take steps necessary to securing their financial futures and should be preserved. In addition, policymakers and private industry should continue to work together in the development of innovative ideas that will help all Americans achieve their financial and retirement security goals.

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public Web site can be accessed at www.acli.com.