American Council of Life Insurers: Congressional Leaders Introduce Bipartisan Bill to Enhance Americans' Retirement Security

Targeted News Service

WASHINGTON, May 5 -- The American Council of Life Insurers issued the following statement:

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American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comments on the Securing a Strong Retirement Act of 2021, retirement security legislation introduced by House Ways & Means Committee Chairman Richie Neal (D-MA) and Ranking Member Kevin Brady (R-TX):

"The Securing a Strong Retirement Act makes important changes that will have real-world, positive implications for retirement savers. Incentives for small businesses to offer retirement plans, support for student loan borrowers with their repayment, and enhancements that guarantee those who are either close to or in retirement do not outlive their savings, are all key components. This bill will build on the current system and help more Americans be financially secure.

"Action to improve retirement security is timely and necessary, especially given the impact COVID-19 has had on savers. Many of the people most severely impacted by COVID have had to borrow against, or sometimes, take a distribution from, their retirement savings account. Now more than ever, proactive public policy is essential to help Americans save for retirement.

"We look forward to working with Chairman Neal and Ranking Member Brady in support of bipartisan solutions that will help all Americans access the tools they need to protect their family's financial future."

Read Susan Neely's letter of support for the Securing a Strong Retirement Act of 2021.

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May 4, 2021

To: The Honorable Richard Neal, Chairman, Ways and Means Committee, 2309 Rayburn House Office Building, Washington, DC 20515

The Honorable Kevin Brady, Ranking Member, Ways and Means Committee, 1011 Long-worth House Office Building, Washington, DC 20515

Dear Chairman Neal and Ranking Member Brady,

On behalf of the American Council of Life Insurers (ACLI), I thank you both for championing solutions for workers' retirement savings and for the introduction of the Securing a Strong Retirement Act of 2021. We appreciate your continued support and leadership on the issue of retirement security.

ACLI's core business is financial security and retirement security is a critical mission. Ninety million American families rely on our products for financial protection and retirement security. As society and work change, the industry is committed to solutions that protect all Americans, regardless of where and how they work, their life stage, or the economic status of their household. Insurance companies seek to expand the availability, accessibility, and affordability of products and services that provide financial protection for all.

Action to improve retirement security is timely and necessary, especially given the impact COVID-19 has had upon savers. Not only have retirement savers seen significant losses to their account balances, but those who are most severely impacted have had to borrow against, or sometimes, take a distribution from, their retirement savings account. Now more than ever, thoughtful public policy is essential to help Americans save for retirement.

The Securing a Strong Retirement Act of 2021 includes key provisions, supported by the ACLI, that build upon current retirement security policy efforts and will have real-world positive implications for savers. Incentives for small businesses to offer retirement plans, support for student loan borrowers with their repayment, and enhancements that guarantee those close to or in retirement can ensure they do not outlive their savings, are all key components of the bill that will build on the current system. While we have concerns that the legislation includes a paper disclosure requirement that could raise plan costs and frustrate participants who increasingly rely on technology to manage their retirement savings, we look forward to a continued dialogue regarding improvements in this area.

Thank you for your leadership on the bipartisan Securing a Strong Retirement Act of 2021. We look forward to continued collaboration on this legislation, as well as on other retirement security policy proposals.

Sincerely,

Susan K. Neely, President & CEO