WASHINGTON, May 2, 2019 /PRNewswire/ -- Four of the largest U.S. associations representing retirement products and financial services providers this week called on the U.S. government to formally support the 2019 Japanese G20 Presidency's efforts to highlight the common problems caused by aging populations in G20 member nations.

The American Council of Life Insurers, Insured Retirement Institute, Investment Company Institute and the Securities Industry and Financial Markets Association wrote to the U.S. Treasury Department, which represents the United States to the G20 Finance Track where this issue is being discussed. 

In its letter, the associations called on the United States to be "an affirmative advocate for incentives to promote savings for retirement through the private sector, as part of the elevation of the issue under the Japanese G20 Presidency." The letter highlighted the importance of providing incentives for private-sector, self-funded retirement savings vehicles to empower individuals to save. The letter also noted the support this proposal has already received in Japan through the formal business advisory process, the "Business 20."

Japan's G20 Presidency has significantly elevated the importance of further study and policy analysis regarding aging and providing retirement security to people, which are important issues for all G20 governments.

The American Council of Life Insurers (ACLI) advocates on behalf of 280 member companies dedicated to providing products and services that promote consumers' financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers' products for peace of mind. ACLI members represent 95 percent of industry assets in the United States.

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SOURCE American Council of Life Insurers