Insured Retirement Institute Issues Statement Supporting Tax Reform

WASHINGTON, Sept. 27 -- The Insured Retirement Institute issued the following statement by President and CEO Cathy Weatherford in response to the tax reform announcement made by the Big Six:

"With Americans becoming more responsible for their financial security in retirement, our nation's tax policies must do more to encourage savings and increase the options and diversity of retirement plans. This is why IRI has long supported tax policies that would foster our nation's economic growth, remove impediments to saving and preserve the way retirement is treated in the tax code - all of which are enormously important to families, to businesses and ultimately to the economy. Annuities, employer plans and IRAs are central to encouraging Americans to save for their retirement - with 75 to 85 percent of Boomers and Gen Xers reporting that the current way retirement is treated in the tax code is an essential reason behind their decision to save.

"Therefore, any tax reform legislation that is developed must continue to provide encouragement to Americans to save for their retirement during their working lives -- when income, taxes and expenses are highest. While the challenges associated with providing financial security in retirement are complicated, we must ensure that we do everything possible to protect and enhance Americans' ability to save."

"IRI looks forward to collaborating with President Trump and congressional leaders to encourage that the tax code protects, maintains and enhances the ability for Americans to save for retirement."