Washington, D.C., (December 12, 2018) — Congress must act before the end of the year on retirement security legislation that will benefit millions of Americans, a coalition led by the American Council of Life Insurers (ACLI) said in letters sent today to U.S. House and Senate leadership.

The 53 life insurance and retirement security industry leaders who signed the letters urge Congress to pass retirement security provisions contained in the Retirement Enhancement and Savings Act, the Family Savings Act and the Retirement, Savings and Other Tax Relief Act of 2018. These provisions “have been supported in a bipartisan, bicameral manner for many years,” the industry leaders write.

“Action on a retirement security package is timely and necessary, especially considering that 10,000 Americans turn 65 every day and many will live 30 years or more in retirement,” the coalition letter says. “The retirement security provisions being considered will have real-world implications, making it easier for employers to offer lifetime income solutions to their employees and help them prepare for a secure retirement with income that cannot be outlived.”

The coalition’s letters to House and Senate leadership and the retirement provisions the coalition supports are available on ACLI’s website.

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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