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News Release

Secretary Elaine L. Chao Releases 2002 National SAVER Summit Report

Archived News Release — Caution: Information may be out of date.

WASHINGTON —Secretary of Labor Elaine L. Chao today released the final report of the 2002 National Summit on Retirement Savings with a message to all generations of Americans to save for a secure retirement.
In the keynote address to the Summit, President George W. Bush said, “Saving is the path to independence for all Americans in all phases of life, and we must encourage more Americans to take that path.”

Chao stated, “The Summit laid the groundwork for real-world solutions to motivate Americans – from the “Millennial Generation” in youth to the “Silent Generation” in elderhood – to save for retirement based on a strategies that recognize the distinct characteristics of generational groups. We must understand the personalities of different generations, their attitudes toward finances, and how they view and learn about retirement.”

Personal retirement saving is a key source of retirement income. Currently, only 56% of households are able to maintain their standard of living in retirement. Americans typically underestimate their spending during their retirement years.

Chao noted, “Individuals understand they need to save for retirement but are often overwhelmed by the prospect. We need to give them the tools they need to get started. That will require messages that resonate with the values, behaviors, pursuits and concerns important to the target audience.”

The Summit report contains important findings and recommendations targeted to various generations to improve education as a way to increase retirement security. Four breakout sessions examined the differences in attitudes, behaviors and concerns important to generations and at specific life stages. The final report describes the messages and approaches for educating various generational groups developed by each breakout session.

The 2002 Summit was co-hosted by President Bush, congressional leaders and the Secretary of Labor. The International Foundation of Employee Benefit Plans assisted the Labor Department in planning the Summit held February 27 to March 1, 2002, in Washington, D.C. The delegates to the Summit were an appointed bipartisan group with diverse experience, including representatives of state and local governments, professionals in the fields of employee benefits and retirement savings, private sector institutions, employers, the general public and Members of Congress.

Chao called on the Summit participants to “keep their passion to inspire changes in saving for retirement so that all Americans can retire with security and dignity.”

Along with President Bush and Secretary Chao, other speakers addressed the Summit delegates including Commerce Secretary Don Evans, Federal Reserve Chairman Alan Greenspan, Senator Edward Kennedy and Congressman John Boehner.

The full report, “Saving for a Lifetime: Advancing Generational Prosperity,” is available on the Internet at http://www.dol.gov/EBSA/PDF/SummitFinalReport.pdf or by calling 1-866-275-7922.

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

Agency
Employee Benefits Security Administration
Date
September 6, 2002
Release Number
OPA2002512