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Employee Benefits Security Administration
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June 23, 2014


Assistant Secretary Phyllis C. Borzi

Hello! I'm Phyllis C. Borzi, Assistant Secretary for the Employee Benefits Security Administration at the U.S. Department of Labor. Thanks for subscribing to my update for consumers and those interested in retirement issues.

Recently, Judy Mares, Deputy Assistant Secretary for the Employee Benefits Security Administration, moderated a panel at the May Public Meeting of the Financial Literacy and Education Commission. The panel was entitled, "Retirement Savings and the Young" and included Lisa Mensah, Founder and Executive Director of the Aspen Institute's Initiative on Financial Security;  J. Mark Iwry, Senior Advisor to the Secretary and Deputy Assistant Secretary for Retirement and Health Policy at the U.S. Department of the Treasury; and Yvonne Cowser Yancy, Commissioner of Human Resources for the City of Atlanta, GA.

In opening remarks, Deputy Assistant Secretary Mares described the shift over time in the retirement plan landscape from defined benefit to defined contribution plans. She also showed survey results illustrating that younger workers consider saving for an emergency fund and paying down debt, particularly student debt, to be higher priorities than saving for retirement.

This is why EBSA works with other federal partners and organizations to provide new and young workers  with comprehensive information and tools to help them get that good financial start.

Earlier this year, the Department of Labor worked with the Department of Education and the NAACP Financial Freedom Center to present a webcast entitled, "Take Charge of Your Financial Future: A Webcast for College Seniors and Young Workers." It gave information and tools for budgeting, saving for short and long-term goals, and making the most of employer-provided retirement and health benefits. The Department of Education presented options for student loan borrowing and repayment, and the NAACP Financial Freedom Center covered managing debt and credit, and how to build savings.

Learn more about the Financial Literacy and Education Commission
View webcast of the FLEC May meeting
Try EBSA's Saving Fitness financial planning worksheets
Watch EBSA webcast, "Take Charge of Your Financial Future: An Archived Webcast for College Seniors and Young Workers"




America Saves

America Saves Focuses on First Time Workers

America Saves is a campaign managed by the nonprofit Consumer Federation of America that seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth.

America Saves is promoting saving at work for young adults as one effort to increase overall workplace saving. Working in three cities and focusing on young, first-time summer workers from low-income households, the goal is to have youth employees save a portion of their paycheck through direct deposit into an account. The objectives are to identify a savings goal, commit to save a portion of their paycheck towards that goal, and set up direct deposit into an existing or new account.

Learn about America Saves
Read more about America Saves First Time Workers Initiative
Join the First Time Workers Initiative




AARP

AARP Study Shows Retirement Security at Forefront of Older African-Americans' Concerns

An AARP study of African-Americans/Blacks age 50 and older shows access to high quality health care and having a financially secure retirement are areas of highest concern.

Study respondents are optimistic that the country is moving in the right direction with regard to access to high quality health care but there is less optimism that the country is moving in the right direction when it comes to having a financially secure retirement.

Interestingly, respondents age 75 and older are more optimistic than those ages 50-64 that the country is moving in the right direction when it comes to having a financially secure retirement, and those with incomes less than $50,000 are more optimistic than those with incomes above that level that the country is moving in the right direction for having a financially secure retirement.

Read the AARP Study, "African American/Black Social Issues Study"
See an infographic of key findings from the survey


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