Washington, D.C.—American Council of Life Insurers (ACLI) President and CEO Susan Neely strongly endorsed the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, retirement legislation passed today by the U.S. House of Representatives that will significantly enhance Americans’ retirement security.
“We’re moving past talk to action on retirement security now,” Neely said. “This overwhelming and bipartisan vote in the House provides tremendous momentum for Senate consideration of the Retirement Enhancement Savings Act (RESA).”
“Each day, 10,000 Americans turn age 65 and many can expect to live 20 years or longer in retirement,” Neely said. “Yet, research shows that one-third of Americans approaching retirement have between nothing and $25,000 in savings to supplement Social Security income. Key provisions in the SECURE Act and RESA will go a long way toward addressing the country’s looming savings crisis. They will provide more than 700,000 additional workers with access to workplace retirement plans to help them save. The bills also make it easier for employers to offer workplace retirement plans with annuities that guarantee an income for life. The SECURE Act and RESA provide the right solutions at the right time to ensure all Americans, regardless of where they live and how they work, have access to the tools they need for a secure retirement."
Neely commended House Ways & Means Committee Chairman Richard Neal (D-Mass.), Ranking Member Kevin Brady (R-Texas), Rep. Ron Kind (D-Wis.) and Rep. Mike Kelly (R-Pa.) for introducing the SECURE Act. Many of the bill’s key retirement provisions were included in RESA, legislation strongly supported by ACLI that was introduced in the Senate by Senators Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.).
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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