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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. |
