WASHINGTON – American Council of Life Insurers (ACLI) President & CEO David Chavern made the following comments on today’s Senate Health Education, Labor and Pensions (HELP) Committee hearing, “The Future of Retirement”:

“We commend Chairman Cassidy and Ranking Member Sanders for their continued efforts to put the retirement security needs of the American workforce at the forefront of policy discussions.

“While there are many retirement income strategies available for Americans planning their retirement, the only true lifetime income product in the marketplace – one that guarantees retirees won’t outlive their retirement savings - is the annuity that only life insurers can offer.”

Read David Chavern’s statement for the committee record here.

The American Council of Life Insurers 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.