The 1997 SAVER Act

The "Savings Are Vital to Everyone’s Retirement Act of 1997" (SAVER) was enacted on November 20, 1997. The purpose of the SAVER Act is to advance the public’s knowledge and understanding of the importance of retirement savings. The Act directs the Secretary of Labor to take action in four general areas:

  • To maintain an ongoing program of outreach to the public to effectively promote retirement income savings;
  • To disseminate specific educational materials related to retirement savings and the principles of saving and investment;
  • To establish a web site as a means to disseminate these materials, and
  • To convene these National Summits on Retirement Savings in 1998, 2001 and 2005.

Full text of the SAVER Act

  • Advance the public's knowledge and understanding of retirement savings and its critical importance to the future well-being of workers and their families.
  • Facilitate the development of a broad-based, public education program to encourage and enhance individual commitment to a personal retirement savings strategy.
  • Develop recommendations for additional research, reforms and action in the field of private pensions and individual retirement savings.