WASHINGTON – American Council of Life Insurers President and CEO Susan Neely made the following comments in a letter supporting the Lifetime Income for Employees (LIFE) Act of 2022, introduced by Reps. Donald Norcross (D-NJ) and Tim Walberg (R-MI):

“Action to improve retirement security is timely and necessary, especially considering that 10,000 Americans turn 65 every day – many of whom are expected to live up to 30 years in retirement, and possibly outlive their retirement savings. As the way Americans work and live has fundamentally changed in the wake of the global pandemic, addressing the retirement savings gap is critical, and ensuring guaranteed lifetime income in retirement assists with that goal.

“The LIFE Act of 2022 is an important step to guarding against savers outliving their retirement savings. Amending the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. Additional safeguards such as the requirement to inform participants of liquidity restrictions further demonstrate the consumer protections that make the LIFE Act smart retirement policy.”

Ms. Neely’s letter is available here.

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 94 percent of industry assets in the United States.

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