WASHINGTON, D.C. – The American Council of Life Insurers (ACLI) strongly supports the Automatic IRA Act of 2025 introduced today by Rep. Richard Neal (D-MA), Ranking Member of the House Ways & Means Committee. The bill would dramatically increase enrollment in employer-sponsored retirement plans, expand access to lifetime income options through annuities, and improve retirement security for millions of Americans. 

If enacted, ACLI estimates:  

• 34.6 million workers would gain access to employer-based retirement plans. 

• Up to 24.6 million workers would participate in these plans. 

• Combined employer and employee contributions could total nearly $160 billion in additional defined contribution plan savings, based on current salary and contribution assumptions.  

“Expanding access to workplace retirement plans is one of the most effective ways to help Americans save for retirement,” said David Chavern, ACLI President & CEO. “And through annuities — the only true lifetime income product in the marketplace — retirees can be assured they won’t outlive their savings. Representative Neal’s legislation offers practical, forward-looking solutions that will empower millions of workers to prepare for a long retirement. The Automatic IRA Act is not just about access—it’s about creating real financial and retirement security for people across the country.” 

For more details and a summary of the legislation, read the press release from Rep. Neal. 

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.