Washington, D.C.—American Council of Life Insurers (ACLI) President and CEO Susan Neely today applauded the U.S. House Ways & Means Committee for approving the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, retirement security legislation introduced by Committee Chairman Richard Neal (D-Mass.), Ranking Member Kevin Brady (R-Texas), Rep. Ron Kind (D-Wis.) and Rep. Mike Kelly (R-Pa.).

“The bipartisan policy solutions in the SECURE Act are needed to help address America’s retirement savings crisis,” Neely said. “Research shows that one-third of baby boomers approaching retirement have between nothing and $25,000 in savings to supplement Social Security income. The SECURE Act will increase access to workplace retirement plans to help more people save. It also will make it easier for employers to offer workplace retirement plans with annuities that guarantee an income for life.”

The SECURE Act’s retirement provisions were included in the Retirement Enhancement and Savings Act (RESA), legislation strongly supported by ACLI that was introduced in the House by Reps. Kind and Kelly and in the Senate by Senators Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.), Neely said.

“Retirement security for all Americans is a critical mission for ACLI,” Neely said. “Congress is acting quickly with bipartisan measures that will help more Americans access the tools they need to prepare for retirement.”

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.

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