Susan Neely, the president of the American Council of Life Insurers (ACLI), today celebrated the start of National Retirement Planning Week by telling Congress to go pass some retirement bills.
Congress should pass the Retirement Enhancement and Savings Act (RESA) bill and the Setting Every Community Up for Retirement Enhancement (SECURE) Act bill, Neely said in a statement.
“Too many Americans today are approaching retirement with little to no savings,” Neely said in the statement. “Research shows that one-third of baby boomers approaching retirement have between nothing and $25,000 in savings. This has to change.”
One provision in both bills would let small employers join together to sponsor multiple-employer retirement plans.
That provision could help make retirement plans available to about 700,000 more workers, Neely said.
ACLI also supports efforts to require employers without their own retirement plans to let employers contribute to some kind of retirement savings arrangement through a payroll deduction mechanism, Neely said.
That provision could give about 30 million people new access to an easy way to save for retirement, Neely said.
— Read Life Insurer Group Backs Federal Auto-Retirement Plan Requirement, on ThinkAdvisor.