American Council of Life Insurers (ACLI) is praising an Obama Administration initiative to bolster retirement security. ACLI President and CEO Frank Keating said the plan would help Americans prepare for a secure retirement.

“In addition to proposals to increase savings through the workplace, the President’s plan also calls for promoting the availability of annuities that can turn savings into guaranteed lifetime income,” Keating said. “President Obama’s initiative recognizes a key challenge to Americans’ retirement security—how to manage savings to last a lifetime.”

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