Thursday, March 15, 2018

Bipartisan Legislation Would Boost Workers' Retirement Security

Washington, D.C. (March 15, 2018) — The American Council of Life Insurers (ACLI) strongly supports bipartisan legislation under consideration for inclusion in the omnibus federal budget measure that would provide help to American workers in building their retirement security.

The Retirement Enhancement and Savings Act (S. 2526 and H.R. 5282) contains numerous provisions that would help Americans boost their savings and secure retirement income for life to supplement Social Security. It was introduced it the Senate by Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Oregon). The House bill was introduced by Representatives Mike Kelly (R-Pa.) and Ron Kind (D-Wis.). 

“American workers need greater access to employer-sponsored 401(k) plans that will help them save for retirement. They need information about their savings and access to lifetime income solutions, like annuities, that will turn their savings into a ‘personal pension.’ RESA, the Retirement Enhancement and Savings Act, addresses these and other needs,” ACLI President & CEO Dirk Kempthorne said.

The bill originally passed the Senate Finance Committee in September 2016 with unanimous, bipartisan support. Time ran out in the congressional session before the full Congress could act on the measure.

“While many Americans have greatly benefitted from our private-sector retirement system, there is always room for improvement. These improvements to the system wisely address the emerging needs of workers and plan sponsors,” Governor Kempthorne said.

 

“With 10,000 baby boomers reaching age 65 daily and many of them needing assistance in boosting their retirement security, the need for Congress to include RESA in the omnibus budget package is clear,” Governor Kempthorne added.

 

A summary of the bill’s key provisions is available on www.acli.com.  

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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 policyholders 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 95 percent of industry assets, 93 percent of life insurance premiums, and 98 percent of annuity considerations in the United States. Learn more at www.acli.com.


Date Posted: March 15, 2018
Document ID: NR18-009b
Contact: Whit Cornman, 202-624-2441