WASHINGTON – American Council of Life Insurers (ACLI) President & CEO Susan Neely made the following comments on retirement security legislation advancing in the U.S. Senate:

“Legislation approved by two U.S. Senate committees could go a long way toward helping more Americans save for retirement and ensure those savings last a lifetime. The bills expand upon foundational Senate retirement security measure, the Retirement Security and Savings Act (RSSA), sponsored by Senators Ben Cardin (D-MD) and Rob Portman (R-OH).

“The Senate HELP Committee reported its bill, the Rise and Shine Act, sponsored by Chairwoman Patty Murray (D-WA) and Ranking Member Richard Burr (R-NC), out of committee on June 14 by voice vote, indicating strong bipartisan support. The Senate Finance Committee followed yesterday with The Enhancing American Retirement Now (EARN) Act, bipartisan legislation sponsored by Chairman Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID).

“The bills address gaps in the retirement system that have left some people on the sidelines of savings, unable to access workplace retirement plans. These include part-time workers, military spouses, and student loan borrowers among others. Key provisions also would offer workers more options to create lifetime income through annuities.

“Senate action comes just three months after the U.S. House passed the Securing a Strong Retirement Act with overwhelming bipartisan support. The combined House and Senate measures will build upon the SECURE Act that passed in 2019 and expanded worker access to employer-based retirement plans.

“These efforts come at an important time for consumers who are facing economic turmoil threatening their retirement security. We look forward to working with Members of Congress on a final SECURE 2.0 package that addresses the challenges facing today’s retirement savers.”

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.