The American Council of Life Insurers (ACLI) is offering feedback regarding the Increasing Access to a Secure Retirement Act, which officials said is designed to enhance workers’ retirement plans.
Reps. Lisa Blunt Rochester (D-DE) and Tim Walberg (R-MI) introduced the measure (H.R. 1439), which has the ACLI’s backing.
“The bill would remove regulatory barriers that discourage employers from offering annuity options in their retirement plans,” Susan Neely, ACLI president and CEO, said. “Annuities are the only product in the marketplace that can guarantee lifetime income and can help employers offer a plan that resembles in certain ways a traditional pension.”
Neely said as society and work change, life insurers are committed to solutions that protect all Americans, regardless of where and how they work, their life stage or the economic status of their household.
“H.R. 1439 offers an important policy solution that will make the benefits of guaranteed lifetime income available to more American workers preparing for retirement.”
ACLI advocates on behalf of 280 member companies dedicated to providing products and services promoting consumers’ financial and retirement security. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers’ products for peace of mind.