WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comments on the Securing a Strong Retirement Act of 2021, retirement security legislation introduced by House Ways & Means Committee Chairman Richie Neal (D-MA) and Ranking Member Kevin Brady (R-TX):

“The Securing a Strong Retirement Act makes important changes that will have real-world, positive implications for retirement savers. Incentives for small businesses to offer retirement plans, support for student loan borrowers with their repayment, and enhancements that guarantee those who are either close to or in retirement do not outlive their savings, are all key components. This bill will build on the current system and help more Americans be financially secure.

“Action to improve retirement security is timely and necessary, especially given the impact COVID-19 has had on savers. Many of the people most severely impacted by COVID have had to borrow against, or sometimes, take a distribution from, their retirement savings account. Now more than ever, proactive public policy is essential to help Americans save for retirement.

“We look forward to working with Chairman Neal and Ranking Member Brady in support of bipartisan solutions that will help all Americans access the tools they need to protect their family’s financial future.”

Read Susan Neely’s letter of support for the Securing a Strong Retirement Act of 2021.

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 95 percent of industry assets in the United States.