ACLI supporting Retirement Enhancement and Savings Act

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The American Council of Life Insurers (ACLI) is urging lawmakers to act on the Retirement Enhancement and Savings Act (RESA), which they said addresses
challenges facing America’s retirement savers.

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“Closing the retirement savings gap is a big need, and it’s becoming an even bigger need as society evolves,” ACLI President and CEO Susan Neely said in a written statement to the Senate Finance Committee. “While more than 80 percent of full-time workers have access to a retirement plan in the workplace, only 40 percent of part-time workers enjoy access to this benefit. Additionally, millennials tend to be less prepared for retirement than earlier generations at the same stage in life, with 40 percent having no dedicated retirement savings. Of those with dedicated retirement savings, a third have saved $15,000 or less.”

Sens. Chuck Grassley (R-IA) and Ron Wyden (D-OR) introduced the bill.

Neely also voiced support for policies such as the Retirement Enhancement and Savings Act (RESA), which she said seeks to increase access to essential financial protections, retirement savings, and guaranteed retirement income products.

“Through RESA, Congress has an opportunity to enact comprehensive legislation that will help more people retire with peace of mind — increasing the availability, accessibility, and affordability of retirement security products for all Americans,” she said.

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