ACLI Applauds Committee OK of Bill Encouraging Annuitizing
National Underwriter (Life and Health Financial Services Edition) (07/28/03) p.50; Brostoff, Steven

ACLI President Frank Keating says the House Ways and Means Committee's approval of legislation encouraging individuals to annuitize part of their retirement savings could be a turning point in policy concerning retirement savings, noting that the baby boomers have little savings to take into retirement. According to Keating, ACLI is pleased that the committee supports using the tax code to encourage private retirement savings. The legislation would let individuals exclude as much as $2,000 of retirement income per year, for up to five years, if the retirement savings are taken in an annuity, and applies to savings currently in IRAs and 401(k) plans.

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