Tuesday, November 27, 2018
Tax Bill Includes Key Retirement Security Provisions
American Council of Life Insurers President and CEO Susan Neely issued the following statement today on retirement security provisions included in the tax bill introduced by House Ways and Means Committee Chairman Kevin Brady (R-Texas):
WASHINGTON, D.C., (November 27, 2018)—"The American Council of Life Insurers (ACLI) applauds House Ways and Means Committee Chairman Kevin Brady (R-Texas) for including key retirement security provisions in tax legislation introduced last night.
“The retirement security provisions offer lawmakers the opportunity to continue the work they began earlier this year and help generations of Americans secure their retirements for life. They will enhance and expand access to America’s retirement system, with a much-needed focus on small employers.
“Key provisions would:
- Expand access to retirement plans by encouraging small employers to join together to take advantage of economies of scale to offer their workers a 401(k) or similar plan;
- Make it easier for employers to offer annuities in their retirement plans. Annuities can help employees use their plan savings in a way that resembles a traditional pension with a monthly paycheck guaranteed for life;
- Advance consumer financial education by ensuring all workers receive an illustration of how their workplace retirement savings translates into monthly income;
- Continue lifetime income protections for savers who participate in plans undergoing changes.
“Many of these provisions were included in the Family Savings Act, which passed the House in September, and the Retirement Enhancement and Savings Act, a measure that has bipartisan support in the House and Senate.
“Every day, 10,000 Americans reach age 65. And, many people can expect to live 20 years, 30 years or longer in retirement. The retirement security provisions in Chairman Brady’s tax bill will go a long way toward helping Americans save for retirement and ensure their savings will last a lifetime.
“We urge both chambers of Congress to work together and pass a comprehensive retirement package in 2018.”
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: November 27, 2018
Document ID: NR18-042