WASHINGTON – American Council of Life Insurers President and CEO David Chavern made the following comments on the Retirement Simplification and Clarity Act that was introduced today by Reps. Jimmy Panetta (D-CA) and Darin LaHood (R-IL):

“Many Americans are concerned that their savings will not last throughout retirement. Annuities allow retirement savers to replicate a traditional pension plan’s guaranteed lifetime income stream. This important legislation will help Americans nearing retirement access annuity products they need to provide for a secure financial future.”  

Read the press release from Reps. Panetta and LaHood 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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