American Council of Life Insurers: Neal-Brady Bill Would Help More Workers Save for Retirement, Strengthen Financial Footing

WASHINGTON, Oct. 28 -- The American Council of Life Insurers issued the following statement on Oct. 27 by President and CEO Susan Neely:

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American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comment on the Securing a Strong Retirement Act of 2020, legislation introduced by U.S. House Ways & Means Committee Chairman Richard Neal (D-Mass.) and Ranking Member Kevin Brady (R-Texas):

"Chairman Neal and Ranking Member Brady are extraordinary champions for workers saving for retirement. Their proposal reflects many important bipartisan priorities, and we look forward to continuing to work with them to strengthen Americans' financial footing."

Among other things the bill would:

* Allow people who have saved too little to set more aside for their retirement;

* Offer low and moderate-income workers a tax credit for contributions to a 401(k) or similar plan;

* Help people with student loans save by letting employers make retirement plan contributions equal to what an employee pays on their loans;

* Further support the use of annuities that provide guaranteed lifetime income in retirement.

A section-by-section summary of the bill is available here: https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwaysandmeans.house.gov%2Fsites%2Fdemocrats.waysandmeans.house.gov%2Ffiles%2Fdocuments%2F2.0Sectionbysection_final.pdf&data=04%7C01%7CWhitCornman%40acli.com%7C979c14c2e26c4b77438108d87a81c8e5%7Cff36238ffa774641891941d6d36ca6ea%7C0%7C0%7C637394045156569285%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=v%2BteidK9nw7Pp7LgKN%2BnYuA8cLeQhoAqebB%2FmUS7JBI%3D&reserved=0