American Council of Life Insurers (ACLI) officials are praising key retirement security provisions recently introduced in tax legislation.
“The retirement security provisions offer lawmakers the opportunity to continue the work they began earlier this year and help generations of Americans secure their retirements for life,” Susan Neely, American Council of Life Insurers president and CEO, said. “They will enhance and expand access to America’s retirement system, with a much-needed focus on small employers.”
The provisions would make it easier for employers to offer annuities in their retirement plans; advance consumer financial education by ensuring all workers receive an illustration of how their workplace retirement savings translates into monthly income; and continue lifetime income protections for savers who participate in changing plans.
“Many of these provisions were included in the Family Savings Act, which passed the House in September, and the Retirement Enhancement and Savings Act, a measure that has bipartisan support in the House and Senate,” Neely said.
Every day 10,000 Americans reach age 65 and many people can expect to live 20 years to 30 years or longer in retirement, Neely said.
“The retirement security provisions in House Ways and Means Committee Chairman Kevin Brady’s (R-Texas) tax bill will go a long way toward helping Americans save for retirement and ensure their savings will last a lifetime,” she said.