Secretary of Labor Hosts 5th Anniversary of Retirement Savings Education Campaign

Archived News Release — Caution: Information may be out of date.

Secretary of Labor Alexis M. Herman today announced several initiatives to make it easier for employees of small businesses, women and low wage earners to plan and save for retirement. The intiatives were announced as part of the department’s 5th Anniversary Celebration of the Retirement Savings Education Campaign.

Joining the Secretary during the anniversary celebration were Treasury Secretary Lawrence Summers, Aida Alvarez, administrator of the Small Business Administration, representatives of Congress, the Chamber of Commerce, Merrill Lynch, the American Savings Education Council (ASEC), the Consumer Federation of America and Project Green Purse. ASEC, a non-profit organization formed as an outgrowth of the Labor Department’s education campaign, also is celebrating its fifth anniversary.

Deputy Secretary of Labor Edward Montgomery presented the first Oseola McCarty Super Saver Award to Earl Crawley of Baltimore, MD. The award was instituted by the Retirement Savings Education Campaign to identify individuals who are an inspiration to others to save for retirement. Mr. Crawley qualifies as a super-saver since he amassed a small fortune in less than 20 years and now has an impressive portfolio.

Secretary Herman, along with Retirement Savings Education Campaign partners announced several new initiatives which promote the new campaign slogan, “Saving Matters!” “Today, over 40 million workers are employed by small businesses but only eight millon of those workers have a pension plan,” Herman said, noting the emphasis on helping small businesses establish retirement plans. The initiatives include:

• A new set of tools and materials have been developed to help small employers select the right retirement plan for their employees, including a new Web site, SelectARetirementPlan.org, created by DOL and its partners, the Small Business Administration, the U.S. Chamber of Commerce and Merrill Lynch.

• National sponsorship of “The Everywoman’s Money Conference,” a uniquely designed day of education that makes learning about money, finances and building a secure retirement more interesting and engaging than ever before. Secretary Herman pointed out the motivation for the conferences. “Women are less likely to work in industries where employer-sponsored pension plans are offered,” she said. “Just 39 percent of women working in the private sector are covered by a pension plan.” She discussed the response to the conferences which have been conducted so far. “The feedback that we have gotten about the quality and impact of these conferences from participants around the country is tremendous. They walk away inspired to take control of their financial destiny.”

• The DOL and its new partner, the Consumer Federation of America, will develop new tools and strategies to educate low-income workers on how to build wealth and take control of their financial futures. Secretary Herman explained, “This partnership is critical to ensurinig that everyone has an opportunity to have access to the information and skills that lead to saving adequately for retirement.”

Secretary Herman also announced the release of a report which supports the need for such initiatives titled, “Coverage Status of Workers Under Employer Provided Pension Plans,” which is available at the Web site, www.dol.gov/dol/pwba. “We have found that while coverage has been edging up over the last five years, the coverage for certain groups, including women, minorities, low wage workers and employees of small businesses is still lagging,” Herman said.

Information about the Retirement Savings Education Campaign and its initiatives is available on the web site.

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Archived News Release — Caution: Information may be out of date.