WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan K. Neely made the following comments on the bipartisan Retirement Security and Savings Act of 2021 introduced Thursday by Senators Ben Cardin (D-MD) and Rob Portman (R-OH): 

“Senator Cardin and Senator Portman’s leadership comes at a critical time for retirement savers. During the pandemic, many people had to tap their retirement savings early to make ends meet. Others struggle to save while providing for their families and paying off student loans and other debts. 

“The Retirement Security and Savings Act of 2021 builds on the current retirement security system to help more Americans access the tools they need to not only boost their savings but ensure those savings last a lifetime. 

“Improved rules for lifetime income solutions, facilitating savings for employee’s burdened by student loans, and improving the automatic enrollment safe harbor to increase contributions, are just a few of the innovative provisions in the bill that will help millions of Americans secure peace of mind in retirement. 

“As leading providers of retirement security solutions, including annuities – the only financial product in the marketplace that can guarantee lifetime income, life insurers look forward to working with Senators Cardin and Portman and all members of Congress to advance solutions that will help Americans bolster their financial futures.” 

Read Susan Neely’s letter in support of the Retirement Security and Savings 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.

Subscribe to IMPACT  |  Follow us on Twitter  |  Connect with us on LinkedIn  |  Like us on Facebook