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"