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Employee Benefits Security Administration

EBSA Federal Register Notice

2006 National Summit on Retirement Savings; Request for Information [06/09/2005]

[PDF Version]

Volume 70, Number 110, Page 33763-33764

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DEPARTMENT OF LABOR

Employee Benefits Security Administration

 
2006 National Summit on Retirement Savings; Request for 
Information

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Notice of Request for Information.

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SUMMARY: This document requests comments from the public for the 
purpose of developing a comprehensive agenda for the third National 
Summit on Retirement Savings (2006 National Summit), tentatively 
planned to be convened in early March, 2006. The 2006 National Summit 
is called for by the Savings Are Vital To Everyone's Retirement (SAVER) 
Act of 1997 (Pub. L. 105-92). The first National Summit was held on 
June 4-5, 1998, and the second Summit was held on February 28-March 1, 
2002, both in Washington, DC.

DATES: Written comments on suggestions for the agenda for the 2006 
National Summit on Retirement Savings must be received by July 5, 2005.

ADDRESSES: Written comments (preferably three copies) should be sent to 
the Office of Participant Assistance, Employee Benefits Security 
Administration, U.S. Department of Labor, Room N-5623 200 Constitution 
Avenue, NW., Washington, DC 20210. Attention: ``2006 National Summit on 
Retirement Savings.'' All submissions will be available for public 
inspection in the Public Documents Room of the Employee Benefits 
Security Administration, U.S. Department of Labor, Room N-1513, 200 
Constitution Avenue, NW., Washington, DC 20210.

FOR FURTHER INFORMATION CONTACT: Teresa Thomas, (202) 693-8655, Room 
N5623, 200 Constitution Avenue, NW., Washington, DC 20210 email 
address: saversummit@dol.gov.

SUPPLEMENTARY INFORMATION:

A. Background

    The Savings Are Vital to Everyone's Retirement (SAVER) Act of 1997 
(Pub. L. 105-92) amended the Employee Retirement Income Security Act of 
1974 (ERISA) by adding a new section 517, \1\ which calls for the 
convening of National Summits on Retirement Savings (National Summits). 
Section 517 of ERISA provides standards for the purposes, scope, 
participation, and administration of each National Summit.
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    \1\ 29 U.S.C. 1147.
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    As outlined in the Act, the purposes of the National Summits are 
(1) To increase the public awareness of the value of personal savings 
for retirement, (2) to advance the public's knowledge and understanding 
of retirement savings and its critical importance to the future well-
being of American workers and their families, (3) to facilitate the 
development of a broad-based, public education program to encourage 
individual commitment to a personal retirement savings strategy, (4) to 
identify the problems workers have in setting aside adequate savings 
for retirement, (5) to identify the barriers that employers, especially 
small employers, face in assisting their workers in saving for 
retirement, (6) to examine the impact and effectiveness of individual 
employers in promoting personal savings for retirement among their 
workers and workers' participation in company savings options, (7) to 
examine the impact and effectiveness of government programs at the 
Federal, State, and local levels in educating the public about and 
encouraging retirement savings, (8) to develop comprehensive 
recommendations for government and private sector actions to promote 
pensions and individual retirement savings, and (9) to develop 
recommendations for the coordination of retirement savings initiatives 
among the Federal, State, and local governments.
    The Act called for the convening of three National Summits. The 
first was held on June 4-5, 1998, in Washington, DC. The second Summit 
was held on February 28-March 1, 2002. The third Summit is tentatively 
planned for early March 2006. The SAVER Act requires the Secretary of 
Labor (Secretary) to prepare a report describing each Summit's 
activities and to submit it to the President and Congressional leaders 
following the Summit's adjournment.
    The SAVER Act provides that the National Summits are to be planned 
and conducted under the direction of the Secretary of Labor, in 
consultation with heads of other Federal agencies as designated by the 
President. The Act further provides that, in planning a National 
Summit, the Secretary shall consult with bipartisan Congressional 
leaders and with at least one organization composed or private sector 
representatives that partners with Governmental entities to promote 
retirement savings.

B. First National Summit

    The first two National Summits were convened by the President and 
co-hosted by members of the Congressional leadership on June 4-5, 1998 
and February 28-March 1, 2002. Following both Summits, final reports 
were prepared and submitted in accordance with the SAVER Act. These 
reports are publicly available through the Department of Labor's Web 
site at http://www.saversummit.dol.gov. The reports describe the 

information exchange at the Summit and any recommendations made by the 
Summits' participants to achieve the goal of a financially secure 
retirement for all Americans.

C. Information Requested

    The Department is now in the process of developing an agenda for 
the 2006 National Summit. The Department wishes to develop an agenda 
that builds on the primary recommendations for national retirement 
savings education programs presented at the earlier National Summits 
and that reflects, to the greatest extent possible, the purposes of the 
National Summit as set forth in ERISA section 517. To ensure that the 
Summit comprehensively serves its statutory purposes, the Department 
hereby solicits comments from organizations, both private and public, 
that have a mission to educate American workers about the importance of 
savings for retirement and ways to achieve retirement security. All 
information received will be used to develop the 2006 National Summit 
agenda and to help shape the information presented at the Summit. The 
Department intends to publish a proposed agenda in the Federal Register 
prior to the 2006 National Summit in accordance with the SAVER Act.
    The Department requests comments on the issues related to 
retirement savings education described above. The Department is 
particularly interested in comments concerning the following:
    1. Suggested topics for discussing the current state of retirement 
savings education in America and its effect on the national retirement 
savings rate;
    2. Ideas about programs and activities that would effectively reach 
the general

[[Page 33764]]

public and, more specifically, low-income workers, women, small 
business owners, minorities, youth, and older workers;
    3. Success stories and model programs that have used effective 
communication techniques to educate low-income workers, women, minority 
groups, youth, and older workers about the need to save and steps that 
should be taken to save for retirement;
    4. Measurement techniques used to assess the effectiveness of 
public outreach and media efforts regarding retirement savings; and
    5. Ideas for creating new partnerships among public and private 
sector organizations to enhance existing programs for encouraging 
retirement savings.
    Submitted comments may address any or all of the aforementioned 
categories of information and need not be limited to those categories. 
In submitting comments, please refer to the pertinent topic addressed 
by the comment by number. Comments must be received by July 5, 2005 to 
be considered in conjunction with developing the agenda for the 2006 
National Summit.

    Authority: 29 U.S.C. 1143; Secretary of Labor's Order No. 1-87, 
52 FR 13139.

    Signed at Washington, DC, this 3rd day of June, 2005.
Bradford P. Campbell,
Deputy Assistant Secretary, Employee Benefits Secretary Administration.
[FR Doc. 05-11438 Filed 6-8-05; 8:45 am]

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