WASHINGTON, Sept. 14, 2018 /PRNewswire/ -- "The
Family Savings Act of 2018 (H.R. 6757) approved by the House
Ways and Means Committee falls short of what is needed to help
address challenges facing America's retirement savers.
"The House of Representatives can—and should—do more to help
Americans preparing for retirements that could last 20 years, 30
years or longer. It can do this by making it easier for employers
to offer annuities in their retirement plans. Annuities can
guarantee lifetime income for workers. They can help employers
offer a plan that resembles in certain ways a traditional pension
that guarantees a paycheck for life to a retiree.
"The House should also advance consumer financial education by
ensuring workers receive an illustration of how their retirement
savings translates into monthly income.
"The bipartisan and widely supported Retirement Enhancement
and Savings Act (RESA) includes these and other retirement
security measures that would help Americans save for retirement and
ensure they have access to protected lifetime income.
"We are pleased that the Ways and Means Committee included two
RESA provisions in H.R. 6757. They would encourage small employers
to join together to take advantage of economies of scale to offer
workplace retirement plans and continue lifetime income protections
for savers who participate in plans undergoing changes. It's
imperative the House builds on these initial steps to enact
meaningful reforms that help even more retirement savers.
"The American Council of Life Insurers urges the House to
include RESA in a final retirement package that would upgrade the
successful private-sector retirement system to ensure as much
access to retirement products for as many people as possible."
A summary of RESA's key provisions is available on
www.acli.com.
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SOURCE American Council of Life Insurers