Life Insurance Quotes

Proposal could make annuities more available

02/08/12

The U.S. Treasury and Labor Departments recently submitted proposals that will possibly make annuities more available to workers in the country.

The new provisions would make it easier for workers who participate in employer-sponsored retirement plans to use a portion of their saving to secure an annuity that offers income for life.

"Millions of American workers are not prepared for the challenge of managing assets through a lengthy retirement," said ACLI President and CEO Dirk Kempthorne. "They face a real risk of outliving their assets, possibly facing economic hardship at one of the most vulnerable stages of their lives. Helping today's workers achieve lifetime retirement income can help avert a crisis in the years ahead, when much of the baby boom generation will leave the workforce."

The Treasury department would eliminate provisions that discouraged retirement plans from offering annuity options to participants.

According to the U.S. Bureau of Labor Statistics, the insurance industry added 1,100 jobs in the month of January, which is a .05 percent increase from the previous month.

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