Washington, D.C. (April 5, 2017)—In a statement for the congressional record, the American Council of Life Insurers (ACLI) recommended enhancements to build on the success of the current retirement system. The statement was submitted for the Banking, Housing, & Urban Development Subcommittee on Economic Policy hearing titled “The Current State of Retirement Security in the United States.”
ACLI’s recommendations included increasing access to and expanding coverage for workplace savings through:
ACLI also recommended the following measures to promote awareness and availability of lifetime income solutions:
“Over the long run, the nation will benefit when individuals address their long-term financial security needs today, because they will be less likely to rely on public assistance tomorrow,” ACLI’s statement concluded. “Government policies that encourage prudent behavior, such as long-term savings for retirement, should not only be maintained, they should be enhanced. Therefore, ACLI continues to urge policy-makers to support and build on the current retirement savings system.”
Click here to read ACLI’s full statement (PDF).
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in state, federal, 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 94 percent of industry assets, 93 percent of life insurance premiums, and 97 percent of annuity considerations in the United States. Learn more at www.acli.com.