In reaction to the U.S. Senate Committee on Finance's tax reform hearing concerning retirement security, the American Benefits Council and the American Council of Life Insurers say employer-sponsored defined contribution and defined benefit retirement plans are essential elements to the U.S.'s retirement system. 

In fact, ABC and ACLI have successfully helped millions of families acquire retirement savings that will provide trillions of dollars in retirement income using these plans. Employer-sponsored retirement plans play a large role in personal financial security as well as creating savings to encourage the type of capital investment the economy needs for long-term growth.

"Today's retirement laws and policies are working well and are aiding individuals to accumulate savings and generate retirement income," ABC and ACLI say in a written statement. "For that reason, the first, and most important, principle we urge this Committee to consider in the context of tax reform is to do no harm to the existing retirement system.  We urge policymakers to avoid any actions that would make it more difficult for individuals to save for retirement or that would discourage employers from starting or continuing to maintain retirement plans.  Thus, the wisest course in most instances will be to not enact new laws and regulations that would interrupt the successes of the current system."