WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comment on legislation introduced by Rep. Richard Neal, (D-MA), ranking member of the House Ways & Means Committee, that would increase automatic enrollment in employer-sponsored retirement plans:

“Expanding access to employer-based retirement plans is key to improving American workers’ retirement preparedness. Rep. Richard Neal’s ‘Automatic IRA Act of 2024’ does just that, providing even more people with the pathway to a secure retirement.

“ACLI estimates that more than 31 million workers will gain access to employer-based retirement plans if the legislation is adopted.

“Representative Neal’s bill represents a bold approach to boosting workers’ retirement savings.

“An employer-based retirement plan can go a long way toward building an adequate retirement nest egg. And with people spending decades in retirement, it is essential they plan and save as early and as much as possible so they don’t have to rely on Social Security alone for lifetime income.

“ACLI is proud to support the ‘Automatic IRA Act of 2024’. It is a powerful solution to addressing millions of workers’ retirement insecurity.”

View a summary of the legislation.

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 275 member companies represent 93 percent of industry assets in the United States.