b'Big Problems Require Big SolutionsLife insurers manageIn 2019, our industry announced a bold shift. We endorsed a proposal by House1Ways and Means Chairman Richard Neal (D-MA) that would require employers3 %to offer workplace retirement plans and encourage employees to save through auto-enrollment at work. of all defined contribution This bold approach leverages the marketplace to provide access to 30 million more Americans. While it ensures workers have the freedom to opt out, our researchplan assets and 13% of allestimates it will still result in 22 million more Americans saving for retirement. IRA assetsEmployers have a proven track record in helping people develop the savings habit, and our industry makes certain these retirement plans work for their employees.Speaking Up for SaversThe low-for-long interest rate environment is troubling for the financial security of many Americans. Weve arranged visits between our CEOs and Federal Reserve Banks to highlightthe damage of low interest rates to retirees and pre-retirees who have saved for decades. Responsible Regulation of RetirementWe need national solutionsState-run retirement plans can create undue financial burdens for stateto close the retirement governments, inadequate consumer protections, and risks for taxpayers. Wesavings gap. Were going to educate state lawmakers on the many products and services available in theuse the strength of the life retirement plan marketplace. This year we were successful in preventing theinsurance industry, our political establishment of state-run plans in Washington and 20 other states. influence, and our persuasive At the federal level, ACLI provided feedback in support of the Department ofcapabilities to continue to be Labor plan to expand multiple-employer plan (MEP) sponsorship and its proposala global problem solver on this facilitating e-delivery of retirement plan information, as well as the IRS andissue and advance policy that Treasury Department proposal to facilitate open MEPs. really makes a difference. Susan Neely, ACLI President & CEOACLI2019 ANNUAL REVIEW 7'