ACLI: Tax Reform Should Promote Private Retirement Savings System
Targeted News Service |
In written testimony submitted for the
The
ACLI's testimony stressed that government policy should continue to support Americans' retirement security.
"Policy-makers should avoid disrupting a system that helps millions of Americans save for retirement," ACLI said. "Government policies that encourage prudent behavior, such as long-term savings for retirement, should not only be maintained, they should be enhanced. Therefore, ACLI continues to urge policy-makers to build on the current retirement savings system and reject any proposals that would limit Americans' opportunity to save and prepare for their future."
Current tax incentives for retirement help millions of American families accumulate savings and improve their retirement security. Nearly 80 percent of full-time civilian workers have access to a retirement plan. Of those, more than 80 percent participate in a plan. And all workers have access to individual annuities and IRAs.
Our national goal should be to expand the current system to cover more employees. ACLI supports proposals that build on the current system to increase coverage and participation and help Americans better manage their retirement savings. For example, legislation has been introduced to allow employers that do not already sponsor a 401(k) plan to adopt a "Starter" 401(k) plan, a new tax-preferred retirement savings plan that allows employees to save up to
Download ACLI's full testimony (PDF) (https://www.acli.com/Newsroom/News%20Releases/Documents/Retirement_SenateFinanceHearing_WhitePaper_091614.pdf). ACLI also submitted two reports to the
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