Focused Information Service (Press Releases)
American Council of Life Insurers (ACLI) President and CEO Susan Neely introduced at this time ACLI's help for the Retirement Enhancement and Financial savings Act (RESA) that was launched by Senate Finance Committee Chairman Chuck Grassley (R-Iowa) and Rating Member Ron Wyden (D-Ore.).
"RESA is necessary public coverage that can assist extra Individuals obtain retirement safety for themselves and their households," Neely mentioned. "It is necessary and acceptable that this effort is bipartisan, as nicely. There's great must do all the pieces attainable to handle the retirement financial savings hole. The Worker Profit Analysis Institute reviews that solely 17 % of employees are very assured of their potential to reside comfortably in retirement."
Neely added that RESA's provisions will make it simpler for employers, particularly small companies, to offer office retirement financial savings plans and to supply annuities that assure an earnings for all times. "The office has confirmed to be an efficient place to start out the retirement financial savings behavior and construct retirement safety for a lot of households. This invoice makes sensible, sensible modifications to develop these alternatives," Neely mentioned.
Lots of RESA's key retirement provisions had been included within the Setting Each Group Up for Retirement Enhancement (SECURE) Act of 2019, which was launched on March 29 by Home Methods & Means Committee Chairman Richard Neal (D-Mass.), Rating Member Kevin Brady (Texas), Rep. Ron Sort (D-Wis.) and Rep. Mike Kelly (R-Pa.), Neely mentioned.
"Taken collectively, RESA and the SECURE Act signify the form of management crucial to handle Individuals' retirement safety considerations. We urge Congress to behave shortly on these necessary measures," Neely mentioned.
Click on right here (https://www.acli.com/-/media/ACLI/Public/Recordsdata/PDFs-PUBLIC-SITE/Public-Public-Coverage/Retirement-Plans/RESA_Feb2019.ashx?la=en) to learn RESA's key provisions.
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