American Council of Life Insurers (ACLI) President and CEO Susan Neely announced today ACLI's support for the Retirement Enhancement and Savings Act (RESA) that was introduced by Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Ron Wyden (D-Ore.).
"RESA is important public policy that will help more Americans achieve retirement security for themselves and their families," Neely said. "It's important and appropriate that this effort is bipartisan, as well. There's tremendous need to do everything possible to address the retirement savings gap. The Employee Benefit Research Institute reports that only 17 percent of workers are very confident in their ability to live comfortably in retirement."
Neely added that RESA's provisions will make it easier for employers, especially small businesses, to provide workplace retirement savings plans and to offer annuities that guarantee an income for life. "The workplace has proven to be an effective place to start the retirement savings habit and build retirement security for many households. This bill makes practical, smart changes to expand those opportunities," Neely said.
Many of RESA's key retirement provisions were included in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which was introduced on March 29 by House Ways & Means Committee Chairman Richard Neal (D-Mass.), Ranking Member Kevin Brady (Texas), Rep. Ron Kind (D-Wis.) and Rep. Mike Kelly (R-Pa.), Neely said.
"Taken together, RESA and the SECURE Act represent the kind of leadership necessary to address Americans' retirement security concerns. We urge Congress to act quickly on these important measures," Neely said.
Click here (https://www.acli.com/-/media/ACLI/Public/Files/PDFs-PUBLIC-SITE/Public-Public-Policy/Retirement-Plans/RESA_Feb2019.ashx?la=en) to read RESA's key provisions.