| Press
Room Press Release |
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FOR IMMEDIATE RELEASE
| May 23, 2003
New Tax Legislation and Annuities Reston, VA, May 23, 2003 – NAVA, the leading trade association for the variable annuity industry, commented on the tax legislation that Congress passed today. "NAVA hopes and expects that the legislation reducing tax rates, including the reduction of tax rates on capital gains and dividends, will stimulate savings and investments to help grow the economy. The improved economic environment will be conducive for Americans to save for retirement," stated Mark Mackey, President and CEO of NAVA. "While the annuity industry should benefit from the improved economy, the legislation has not met all of the goals we had hoped for. Nonetheless, annuities remain a very attractive way for individuals to achieve protection through living and death benefit guarantees and generate a lifetime stream of income in retirement. Congress has long recognized the vital importance of annuities in helping Americans achieve a secure retirement, and we look forward to working with Congress and others to pursue legislation that will further the attractiveness of annuities for even more Americans."NAVA is a non-profit trade association located in suburban Washington D.C. The association provides a variety of services to the industry including educational forums, research, conferences, and lobbying activities aimed at furthering the development of fixed and variable annuities, income annuities and variable life insurance. Founded in 1991, NAVA has a broad-based constituency, with over 350 members representing over 98 percent of the industry. Additional information is available at www.navanet.org. NAVA also maintains and supports an educational website for consumers at www.RetireOnYourTerms.com.
© 2006 NAVA National Association for Variable Annuities. All Rights Reserved. Phone: 703-707-8830 · Fax: 703-707-8831 |