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Archived News Release--Caution:
information may be out of date.
For more information call: 202/219-8211
President Bill Clinton has signed into law the Savings Are
Vital to Everyone Retirement Act of 1997, known as the "SAVER Act." The SAVER
Act will promote awareness of the importance of retirement savings through a
series of outreach programs to be spearheaded by the U.S. Department of Labor.
"The SAVER Act is an important step, taken in a bipartisan
manner, to increase awareness of the need for pension and individual savings so
American workers may enjoy a secure and comfortable retirement," said Clinton.
"I am particularly concerned about the savings of women, minority, and low-
and- moderate-income workers, for whom putting away money for retirement is
often particularly difficult."
Labor Secretary Alexis M. Herman has made retirement
security for all American workers one of her top five goals for the Labor
Department.
"The Labor Department has been working hard to educate the
American public about retirement savings," said Herman. "From the girl scouts
to small business owners and employees, we have been making sure workers and
employers know about their retirement needs and options. But our goal is to do
more than provide information, but rather to boost people's inclination to save
for retirement."
In 1995, the Department launched its Retirement Savings
Education Campaign in conjunction with the Department of Treasury and several
public-private partners. As a result of this partnership, the American Savings
Education Council was formed, which now has over 250 members committed to
helping Americans plan and save for a secure retirement. In line with the SAVER
Act, the Labor Department will maintain and expand its campaign to promote
retirement security for American workers. The campaign's focus will include
women and minority workers, who experience distinct challenges in saving for
their retirement.
"The need for the Retirement Savings Education Campaign is
clear -- research shows that many workers forego the opportunity to participate
in pension plans and millions more are not even offered a plan by their
employers," said Herman. "Through the SAVER Act, we will encourage employers to
provide pension plans and help teach workers to plan and save adequately for
retirement."
The SAVER Act directs the Department of Labor to maintain
an ongoing program of public information and outreach through:
- public service announcements
- public meetings
- creation of educational materials, and
- establishment of a site on the Internet
The SAVER Act further supports the campaign by calling for
three national summits on retirement savings to be convened by the President in
1998, 2001 and 2005. The summits will increase public knowledge about
retirement savings by providing information on the types of pension plans that
are available, including traditional defined benefit pension plans and a newly
created plan designed specifically for small businesses. The Labor Department
will work closely with its public and private sector partners to plan these
summits, which will be co-hosted by the President and the Congressional
leadership of both parties.
The summits will also identify problems employers and
workers have in saving for retirement and will produce recommendations on what
the private and public sectors can do to promote pension and individual
savings.
Archived News Release--Caution:
information may be out of date.
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