American Council of Life Insurers (ACLI): Labor Department Recognizes Key Facts About Pension Risk Transfers for Retirees

WASHINGTON - American Council of Life Insurers (ACLI) Executive Vice President & General Counsel Jillian Froment made the follow comment today regarding the Department of Labor's amicus brief filing on pension risk transfers:

"The Labor Department's important filing looks out for retirees by underscoring the facts about pension risk transfers and their proven track record of guaranteeing benefits. The agreements protect retirees by helping employers responsibly meet obligations to both plan participants and company finances. Life insurers' long-term risk expertise and effective regulation of annuity providers are key reasons why no retiree has lost a penny in a pension risk transfer in more than 30 years."

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.