Ben Stein Testifies Before U.S. Senate on the Benefits of Annuities for Retirement Planning; Hearing Before Senate Special Committee on Aging Discusses Importance of Guaranteed Lifetime Retirement Income for All Americans.

WASHINGTON -- As honorary chairperson of the National Retirement Planning Coalition (NRPC), Ben Stein testified today before the U.S. Senate Special Committee on Aging hearing - "Managing Retirement Assets: Ensuring Seniors Don't Outlive Their Savings."

During the hearing, Stein outlined the key issues contributing to the nation's "retirement readiness" crisis, and discussed measures that can be taken to avert the problem, including the need for better management of retirement assets and the importance of guaranteed income for all retired Americans. He also discussed the benefits annuities provide in offering lifetime retirement income as well as proposed legislation that is expected to enhance the value of annuities for retirement-minded Americans.

"I applaud Ben Stein and the Senate Special Committee on Aging for taking steps to tackle this critical issue," said Mark Mackey, president and CEO of the National Association for Variable Annuities (NAVA). "With the decline of employer-sponsored pension plans and given that people are living longer in retirement than ever before, most Americans will not have enough income to fund their desired retirement lifestyles. Only annuities can provide a guaranteed retirement paycheck that cannot be outlived, along with a host of other benefits, which can help Americans better meet their financial retirement goals and achieve financial retirement security."

More information about the hearing can be found at http://aging.senate.gov/public. More information about the National Retirement Planning Coalition can be found at www.RetireOnYourTerms.org.

About the NRPC

The National Retirement Planning Coalition brings together twelve leading financial industry and advocacy organizations for the purpose of educating consumers and financial industry professionals on the issues surrounding retirement planning. NRPC members include the Actuarial Foundation, the American Council of Life Insurers (ACLI), the American Savings Education Council (ASEC), the Center for Retirement Research at Boston College, the Financial Planning Association (FPA), For Our Grandchildren - A Social Security Education Project, the International Foundation for Retirement Education (InFRE), LIMRA International, the National Alliance for Caregiving (NAC), the National Association for Variable Annuities (NAVA), the National Preretirement Education Association (NPEA), and the Women's Institute for a Secure Retirement (WISER).