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News Release

U.S Secretary of Labor Elaine L. Chao Announces Generational Theme of Retirement Summit

Archived News Release — Caution: Information may be out of date.

WASHINGTON -- U.S. Secretary of Labor Elaine L. Chao announced the generation-focused theme of the 2002 National Summit on Retirement Savings, entitled "Saving for a Lifetime: Advancing Generational Prosperity." President George W. Bush, leaders of Congress and selected business and academia leaders will meet from Feb. 27 to March 1 with a common goal: to find ways to help all Americans retire with security and dignity.

"The best way we can help Americans retire with dignity is to encourage them to save and plan ahead. To do this, we must understand the personalities of the different generations, their attitudes toward finances and how they view and learn about retirement. It is essential that we understand these factors to communicate with them effectively," explained Secretary Chao.

"While there are countless approaches to examine Americans' attitudes, experiences and environments, surveys have shown that attitudes toward retirement have consistently been determined according to generational lines," added Mary Jost, Senior Director of Education at the International Foundation of Employee Benefit Plans, who assisted the Department of Labor in the development of the theme.

Summit delegates will participate in breakout sessions that will focus on specific generations. Detailed action plans and implementation steps will be developed for four different generational groups: The Millennial Generation (individuals born from 1982 to present day), Generation X (1961 to 1981), the Baby Boom Generation (1943 to 1960) and the Silent Generation (1925 to 1942).

In order to create a more balanced understanding of each generation, life-stages will also be examined. Life-stages are opportunities, challenges and concerns commonly associated with a particular age group. For example, Youth (under 20) is about learning and preparing. Other life-stages are Rising Adulthood (20s and 30s) and Elderhood (60s, 70s and beyond). Several vignettes of Americans in each generation/life-stage will help delegates put a "face" to each generation/life phase.

Archived News Release — Caution: Information may be out of date.

Agency
Employee Benefits Security Administration
Date
February 25, 2002
Release Number
EBSA-02-2505