RESA Endorsed in Statement for House Ways & Means Committee Hearing on Improving Retirement Security for America’s Workers
Washington, D.C., (February 6, 2019) — American Council of Life Insurers (ACLI) President & CEO Susan Neely today urged Congress to pass the newly reintroduced Retirement Enhancement and Savings Act (RESA) and other policy solutions to bolster American workers’ retirement security. Rep. Ron Kind, (D-WI), and Rep. Mike Kelly, (R-PA), introduced RESA today in connection with the House Ways & Means Committee hearing Improving Retirement Security for America’s Workers.
The House passed similar legislation in the 115th Congress last year.
In a statement for the record for the hearing, Neely said that, “As society and work changes, [life insurers] are committed to solutions that protect all Americans, regardless of where and how they work, their stage in life, or the economic status of their household. Americans are living longer, and financial security into retirement is a big challenge facing our country.”
Emphasizing that this legislation offers a major opportunity for Congress to address an issue for families and individuals nationwide, Neely said, “Public policy should seek to increase access to essential financial protections, retirement savings and guaranteed retirement income products. While numerous pieces of legislation introduced in the 115th Congress sought to accomplish this objective, perhaps the most comprehensive, the Retirement Enhancement and Savings Act (RESA) (S. 2526 / H.R. 5282), demonstrated that sound retirement policy that is supported in a bipartisan, bicameral way is possible. While RESA was not enacted during the 115th Congressional session, it remains the bedrock of innovative and thoughtful proposals that have the potential to increase retirement savings for Americans. As the 116th Congress considers next steps in the retirement security space, it is imperative that they take action and pass RESA as soon as possible.”
Neely’s full statement is available on ACLI’s website.
The American Council of Life Insurers (ACLI) advocates on behalf of 280 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.