Life Insurers Endorse Bold Solution To Close The Retirement Savings Gap
The proposal, championed by
"This bold approach is clearly needed to close the retirement savings gap and prevent a looming retirement crisis," said ACLI President & CEO
Neely said ACLI and its member companies have worked for years to increase incentives and reduce regulatory burdens for employers offering plans. "Endorsing an employer requirement is not a policy shift that ACLI makes lightly. We believe the scope of the looming crisis demands fresh thinking," she said. "Automatically enrolling workers into a retirement savings plan is not a big new government program. It is a market-based solution that can help more people save more of their own money for the good of their families' futures. Family financial security is the ultimate peace of mind."Â
Americans are living longer than ever before, but many have not saved enough to sustain them in retirements that could last 30 years or longer. A recent study found that a third of Baby Boomers currently in, or approaching, retirement age have between nothing and
"ACLI looks forward to working with Chairman Neal, other retirement security leaders in
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