Secure Family

Retirement Savings Plans

American families rely on retirement savings plans – like 401(k)s and IRAs – to help them save for retirement and to ensure their families’ financial futures are secure.

Life insurance companies offer these retirement savings plans to employers and they are typically funded with contributions made by both employers and employees. These plans reward responsible saving with a special tax status that allows the funds to grow tax-free until they are withdrawn in retirement. Financial penalties for early withdrawal of funds before retirement ensures those savings are held for when they are most needed.

In search of revenue for the government, policymakers may curb the amount of tax-deferred funds that can be put into retirement plans. In doing this, the government would discourage American families from taking responsibility for their financial futures. Policymakers should be focused on ensuring our laws encourage a competitive marketplace of retirement plan products and, most importantly, support and reward financial responsibility.

For more information about retirement savings, visit the Coalition to Protect Retirement at