WASHINGTON, July 17, 2019 /PRNewswire/ -- Susan Neely, president and CEO of the American Council of Life Insurers (ACLI), made the following statement about today's Wall Street Journal editorial IRAs in Political Sights:
"Low and middle-income Americans struggling to save for retirement are depending on the U.S. Senate to pass the SECURE Act.
"Only the wealthiest of Americans, less than one percent, use the 'stretch IRA' for estate planning. SECURE's 'stretch IRA' provision shouldn't derail a package to help millions of working Americans save for retirement.
"One provision of the SECURE Act will get more than 700,000 Americans who work for small businesses to save for retirement. The Senate should seize the historic opportunity at hand to pass this bill and confront America's retirement savings challenges."
The American Council of Life Insurers (ACLI) advocates on behalf of 280 member companies dedicated to providing products and services that promote consumers' financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers' products for peace of mind. ACLI members represent 95 percent of industry assets in the United States.
SOURCE American Council of Life Insurers