WASHINGTON—American Council of Life Insurers (ACLI) President and CEO Susan Neely lauded congressional leaders for including the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 in the 2020 spending package:

“The SECURE Act is the most sweeping retirement security legislation to move through Congress in more than a decade. It would mark a significant step toward modernizing America’s retirement system for workers.

“Each day, 10,000 Americans turn age 65 and many can expect to live 20 years or longer in retirement. Yet, research shows that one-third of Americans approaching retirement have between nothing and $25,000 in savings to supplement Social Security income.

“The SECURE Act makes important changes that will go a long way toward addressing the nation’s looming retirement crisis. One provision alone will get more than 700,000 small business employees nationwide to start saving for retirement. Another will make it easier for employers to offer retirement plans with lifetime income options through annuities.

“We applaud House and Senate leadership for their determination to pass this important legislation. By doing so, members of Congress can demonstrate bipartisan leadership in addressing critical needs of everyday Americans.”

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 news and views site, IMPACT, at impact.acli.com.

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