Friday, August 31, 2018

Executive Order Advances Public Policy In Favor Of Americans Planning And Saving For Financially Secure Retirements

The American Council of Life Insurers’ (ACLI) Alane Dent, Acting Senior Vice President, Federal Affairs, issued the following statement today:

 

WASHINGTON, D.C., (August 31, 2018) – “The American Council of Life Insurers (ACLI) strongly endorses the action taken today by President Trump to advance public policies supporting Americans planning and saving for financially secure retirements.  

 

 “The executive order directs: 

 

  • the departments of Labor and Treasury to consider issuing regulations and guidance that would make it easier for small businesses to band together and take advantage of economies of scale to provide retirement plans to workers.
  • the departments of the Treasury and Labor to consider ways to improve notice requirements to reduce retirement plans’ paperwork and administrative burdens.
  • The Department of the Treasury to review the rules on required minimum distributions from retirement plans.

 

“Considering the challenges many Americans are facing in building sufficient long-term savings for retirements that can last 20 years, 30 years or more, the executive order is the right action at the right time.

 

“Meanwhile, ACLI also is encouraging Congress to act on the Retirement Enhancement and Savings Act, (RESA). It is vitally needed, as Congress has the ultimate authority to address improvements to the private retirement system by law.

 

“Among many things, RESA includes a provision aimed at improving retirement plan participants’ access to annuities, the only product in the private marketplace that can guarantee lifetime income. RESA would also remove barriers preventing greater use of multiple employer plans. Another key provision would ensure that an illustration will be provided in retirement plan statements for all private-sector workers that will show how savings translates into guaranteed monthly income for life. 

 

“The executive order plus passage of RESA by Congress this fall would signal to workers planning for retirement that policymakers are helping Americans build their retirement security.”

 

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The American Council of Life Insurers (ACLI) advocates on behalf of 290 member companies dedicated to providing products and services that promote consumers’ financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers’ products for peace of mind. ACLI members represent 95 percent of industry assets in the United States.

 

To learn more, visit acli.com and our blog, ACLI Perspectives, at acli.com/perspectives.

 

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Date Posted: August 31, 2018
Document ID: NR18-032
Contact: Jack Dolan, 202-624-2418