Washington, D.C—Kicking off National Retirement Planning Week, which is sponsored by the National Retirement Planning Coalition, American Council of Life Insurers (ACLI) President and CEO Susan Neely said today that Congress has a wonderful opportunity to take action early this year to help avert America’s looming retirement security crisis.

“Too many Americans today are approaching retirement with little to no savings,” Neely said. “Research shows that one-third of baby boomers approaching retirement have between nothing and $25,000 in savings. This has to change.”

ACLI is supporting bipartisan legislation in Congress that will address this crisis, Neely said. The Setting Every Community Up for Retirement Enhancement (SECURE) Act unanimously passed the House Ways and Means Committee on April 2. The Retirement Enhancement and Savings Act (RESA) was introduced in the Senate on April 1.

“The SECURE Act and RESA include provisions that will help more Americans access workplace savings plans and lifetime income options. A common provision in both bills will help small employers join forces to offer workers a retirement plan. ACLI estimates this provision alone will provide coverage for 700,000 more workers. We urge Congress to act on these important bills this year.”

In addition, ACLI is endorsing a federal effort to require employers without plans to provide workers with access to a payroll deduction for savings through an IRA, 401(k), or other qualified retirement savings plan. Championed in the last Congress by Rep. Richard Neal (D-Mass.), who now chairs the House Ways and Means Committee, the proposal could give 30 million more workers access to a retirement plan, according to ACLI estimates.

“Retirement security for all Americans is a critical mission for ACLI,” Neely said. “That is why during National Retirement Planning Week we are urging Congress not to miss essential opportunities to pass legislation that would provide financial security to millions of 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 blog, ACLI Perspectives, at acli.com/perspectives.

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