WASHINGTON – In a statement to the Senate Health, Education, Labor and Pensions (HELP) Committee, American Council of Life Insurers (ACLI) President and CEO Susan Neely highlighted the key role annuities play in providing retirees guaranteed lifetime income. Her statement was submitted for a HELP Committee hearing today entitled “Taking a Serious Look at the Retirement Crisis in America: What Can We Do to Expand Defined Benefit Pension Plans for Workers?” It reads in part:

“Guarding against running out of money during retirement is paramount.

“With the reduction of defined benefit plans in the marketplace, it’s important to consider that annuities are the only way savers can secure lifetime income in retirement through the private sector. Annuities provide a “private pension” like what beneficiaries would enjoy through their defined benefit pension plan. Policies should continue to evolve to promote savings and address longevity protection by increasing access to lifetime income options, removing barriers to annuities in qualified retirement plans, with the aim to create a more financially inclusive retirement landscape and one that provides opportunities for greater retirement security.”

Read Ms. Neely’s full statement 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 275 member companies represent 93 percent of industry assets in the United States.

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