Washington, D.C. (March 29, 2019) – The American Council of Life Insurers (ACLI) congratulates the West Virginia Legislature and Governor Jim Justice for enacting legislation that promotes West Virginians’ retirement security.
West Virginia now joins nearly every other state in exempting annuities from premium taxes so that even more of its retirement savers can enjoy the peace of mind that comes with knowing they can receive lifetime income from annuities to supplement Social Security.
“Annuities are truly intended to be a bridge for middle-income Americans to make their savings last a lifetime,” said ACLI President and CEO Susan Neely.
“Annuities help people recreate a key feature of traditional pensions. They ensure that no matter how long your retirement, you will continue to receive lifetime payments,” Neely said.
“As the state with the fourth oldest population – behind Maine, New Hampshire and Vermont – the new law will greatly benefit West Virginians who are in retirement and those with retirement on the horizon,” she added. The median age of West Virginia residents is 42 years, a pivotal time to focus on retirement savings, especially for workers who haven’t started doing so.
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.
Follow us on Twitter: @ACLINews
Connect with us on LinkedIn: linkedin.com/ACLI
Like us on Facebook: facebook.com/ACLINews