American Council of Life Insurers (ACLI) Comments on Expansion of Guaranteed Lifetime Income Opportunities in Labor Department Proposal

WASHINGTON - American Council of Life Insurers (ACLI) President and CEO David Chavern made the following comments today on the lifetime income provisions in the Labor Department's alternative investments proposal:

"Running out of savings in retirement is a real worry for millions of Americans. This expansion of opportunities for guaranteed lifetime income is the right idea at an important time. More than 4 million Americans reach retirement age next year, and they need tools that can provide steady income they can't outlive, along with 401(k)s, IRAs, and other savings.

"The annuities offered by life insurers can help retirees manage longevity risk, as the only financial products that can guarantee income for life-much like a traditional pension. We look forward to working with the Trump Administration and other stakeholders to expand access to lifetime income and help more Americans retire with greater financial certainty."

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI's 275 member companies represent 94 percent of industry assets in the United States.

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