Wednesday, May 13, 2015

Lifetime Income Disclosure Act Would Help Boost Retirement Security

Washington, D.C. (May 13, 2015)  — The American Council of Life Insurers (ACLI) lauds the introduction of the Lifetime Income Disclosure Act (S. 1317) today in the U.S. Senate. The legislation would give workers an important new information resource to help boost their retirement security.

Under the legislation, participants in workplace retirement plans would receive an annual statement of how their lump-sum savings translate into a guaranteed lifetime stream of monthly income from an annuity. This vital information would make it easier for workers to understand how their savings will address their month-to-month living expenses.

With this key information, workers can make wise decisions about retirement and retirement savings. Most workers recognize the need to accumulate retirement assets, but many may not think about the need to manage their assets over the course of a retirement that could last 20 or 30 years. By showing what a lump sum really means in terms of paying the monthly bills, the legislation will help countless workers plan for a long retirement.

The legislation was introduced by Senators Johnny Isakson (R-Ga.) and Christopher Murphy (D-Conn.). ACLI thanks the sponsors for their efforts to boost Americans’ retirement security.

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.

Date Posted: May 13, 2015
Document ID: NR15-026
Contact: Whit Cornman, 202-624-2442

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