ACLI Supports Expanded Availability of Longevity Annuities

June 3, 2012 by N/A

WASHINGTON, June 1– The American Council of Life Insurersissued the following news release:

The American Council of Life Insurers (ACLI) today thanked the Treasury Department and the Internal Revenue Service for proposing a rule aimed at making it easier for retirees to achieve guaranteed lifetime income.

The proposed rule would allow participants in qualified retirement plans to use a portion of their assets to obtain a longevity annuity. An annuity is the only financial product that can guarantee a steady stream of retirement income.

Testifying at a Treasury/IRS hearing on the proposed rule, Jim Szostek, vice president for taxes and retirement security with ACLI, said that longevity annuities protect against the risk of outliving one’s saving. They are, he added a “powerful tool” that helps protect retirees throughout their retirement.

Szostek said that certain refinements to the proposed rule would make it easier for workers to understand, as well as simplify administration and reduce compliance costs.

For a copy of Szostek’s testimony, click here (http://www.acli.com/Newsroom/News%20Releases/Documents/ACLITestimony_LongevityAnnuities_060112.pdf).

TNS cp -120602-JF78-3896909 StaffFurigay

Originally Posted at InsuranceNewsNet on June 2, 2012 by N/A.