Covington told BestWeek that IRI is leading an aggressive lobbying effort to convince members of
IRI has begun to see progress in its effort to protect the current tax incentives for retirement savings, he said. Earlier this month, the
"That message is being delivered to members of
The sequester, as it's known, went into effect on
IRI is part of a multi-group effort to convince
Twice this year, Americans to Protect Family Security, an industry partnership supporting life insurance as part of retirement planning, has brought representatives of the life insurance industry to
Americans to Protect Family Security includes the
IRI is also pushing for legislation that would provide workers with regular reports on the income generated on their savings. During the past
Covington said he expects the bill to be reintroduced during the current
"We believe that will help people understand what their lump sum, so to speak, will generate in income and spur them to save more," Covington said. "Sometimes that lump sum looks like a big number. But when it has to last 25, 30, 35 years in retirement it often results in a lower amount than many consumers expect."
Covington said IRI is also joining with other industry groups to support passage of the
"There is a lot of support, and we know of no opposition to the bill," Covington said. "We're very optimistic we'll get that done this year."
To watch the interview with Covington, go to http://www.bestweek.com/v.asp?v=covington513.
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|Source:||A.M. Best Company, Inc.|