In Policy Shift, Life Insurers Back Mandatory Retirement Plans
March 12, 2019 by Elizabeth Festa
The board of the American Council of Life Insurers voted Monday to support legislation that would require the vast majority of employers to offer a retirement plan in a major policy shift from previous industry support for voluntary participation.
The legislation, which is the former H.R. 4523, the Automatic Retirement Plan Act of 2017, introduced by House Ways and Means Committee Chairman Richard Neal, D-Mass., would increase the number of people with access to retirement plans by at least 22 million, according to the ACLI.
Neal’s bill did not pass in the last Congress when Democrats were in the minority. However, a spokeswoman for Neal told ThinkAdvisor on Tuesday that the legislation is in the pipeline and still a priority, but the committee doesn’t yet have a specific date for when it will be reintroduced.
Neal is working on getting bipartisan support now for the legislation, the spokeswoman noted.
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