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Employee Benefits Security Administration

Media Release

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Release Date: 12/01/2005
Release Number: 05-2246-NAT
Contact Name: David James/Gloria Della
Phone Number: 202.693.4676/202.693.8664

U.S. Labor Secretary Elaine L. Chao Announces Date of 2006 Saver Summit to Help Americans Plan Secure Retirement

Washington, DC - U.S. Secretary of Labor Elaine L. Chao today announced the third National Summit on Retirement Savings will be held March 1-2, 2006, in Washington, DC.

“This National Summit on Retirement Savings is very timely as the first Baby Boomers will be turning 60 in 2006,” said Chao. “This summit will acquaint Americans with new strategies to save and identify barriers to saving, so that more workers can enjoy the secure retirement that was once available only to a few.”

Today’s workers will require strategies that take into account the need for sufficient assets to cover the years spent in retirement. Chao pointed out that personal retirement savings will be a key source of retirement income.

Under the SAVER Act of 1997, the Secretary of Labor is responsible for planning and convening three National Summits on Retirement Savings to increase public awareness of the value of personal savings for retirement; to identify barriers both workers and employers face in setting aside adequate funds for retirement; to facilitate the development of a broad-based, public education program to encourage personal savings, and to develop recommendations for action to advance these goals. The secretary is planning the summit in consultation with other federal departments, agencies and private-sector businesses and associations. These groups are partners with the government in promoting long-term financial security in retirement through savings.

The agenda for the summit will be published in the Federal Register later this year. Additional details on the arrangements for the summit will be announced in the near future.

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.