I just caught wind of a story by way of Insurance News Net, detailing praise by the life insurance industry for a new Senate bill that's aimed at helping women save for retirement. The bill could also encourage employers to offer "annuitized distribution options from company-sponsored plans," reports INN.

The CEOs of the American Council for Life Insurers (ACLI) and the National Association of Insurance and Financial Advisors (NAIFA) have praised the new bill, with provisions including new tax benefits to retirees who annuitize their defined benefit plan distributions. Additionally, 50 percent of annuitized distributions would be exempt from federal tax, up to $20,000 per year.

How is this good for women? ACLI CEO Frank Keating, and NAIFA CEO David Woods offered this quote in a joint letter:

Annuitization provides the only sure way to convert retirement savings into a guaranteed stream of lifetime income. Women would especially benefit from receiving guaranteed lifetime income in retirement because they typically live longer than men.

Pretty interesting—and encouraging stuff. Take a look at the full article here.