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final report to print.pm6
1998-09-03T10:01:25Z
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2011-03-18T11:58:34-04:00
2011-03-18T11:58:34-04:00
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0.031 Tw T*
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0.022 Tw T*
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0.051 Tw T*
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(\225)Tj
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(\225)Tj
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(\225)Tj
0.001 Tc 0.038 Tw 10 0 0 10 72 416.5 Tm
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(\225)Tj
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(\225)Tj
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/T1_1 1 Tf
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[(I)-18(I)-18(.)-601(What can the public sector do to address the barriers?)]TJ
/T1_0 1 Tf
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0.025 Tw T*
(tax refund mailouts, awareness of internet sites enhanced, i.e., Ballpar\
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(\225)Tj
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0.001 Tc 0.025 Tw T*
(individual accounts, dollar for dollar tax credit for savings for low in\
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0.02 Tw T*
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0.022 Tw T*
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0.025 Tw T*
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0.03 Tw T*
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0.028 Tw T*
(encourage portable models, simplify system such as with Graham-Hatch and\
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0.025 Tw T*
(Maintain freedom to take lump sum distributions to encourage participati\
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(\225)Tj
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(How do you get to low income minorities?\227get to groups they trust; us\
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(\225)Tj
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(H. Silver Group)Tj
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(Session One- Barriers)Tj
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[(I)-28(.)-1050(What are the barriers individuals face in saving for retirement?)]TJ
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(\225)Tj
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(\225)Tj
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(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 90 453 Tm
(Fright, boredom and temporary myopia)Tj
0 Tc 0 Tw 12 0 0 12 72 438 Tm
(\225)Tj
0.001 Tc 0.048 Tw 10 0 0 10 90 438 Tm
(Income inadequacy\227meaning current consumption needs vs. reasons for s\
avings)Tj
/T1_1 1 Tf
0 Tc 0.053 Tw -3.6 -3 Td
[(I)-17(I)-17(.)-600(What are the barriers employers face in providing opportunities to help \
their employees)]TJ
0.001 Tc 0.065 Tw 1.8 -1.5 Td
(prepare for retirement?)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 72 378 Tm
(\225)Tj
0.001 Tc 0.037 Tw 10 0 0 10 90 378 Tm
(Difficulty in managing plans)Tj
0 Tc 0 Tw 12 0 0 12 72 363 Tm
(\225)Tj
0.049 Tw 10 0 0 10 90 363 Tm
(Excessive regulation; discrimination provisions)Tj
0 Tw 12 0 0 12 72 348 Tm
(\225)Tj
0.047 Tw 10 0 0 10 90 348 Tm
(Short vesting schedules)Tj
0 Tw 12 0 0 12 72 333 Tm
(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 90 333 Tm
(Portability trade-off between worker and employer)Tj
0 Tc 0 Tw 12 0 0 12 72 318 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 90 318 Tm
(Knowledge of options; especially SIMPLE plans)Tj
0 Tc 0 Tw 12 0 0 12 72 303 Tm
(\225)Tj
0.001 Tc 0.012 Tw 10 0 0 10 90 303 Tm
(Question of \223what\222s in it for me\224)Tj
0 Tc 0 Tw 12 0 0 12 72 288 Tm
(\225)Tj
0.001 Tc 0.039 Tw 10 0 0 10 90 288 Tm
(Relax contribution levels for employee owners)Tj
0 Tc 0 Tw 12 0 0 12 72 273 Tm
(\225)Tj
0.001 Tc 0.037 Tw 10 0 0 10 90 273 Tm
(Inducement for employer to participate)Tj
0 Tc 0 Tw 12 0 0 12 72 258 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 90 258 Tm
(Lack of knowledge of \(1\) prototype and master plans; \(2\) declining c\
osts to set up)Tj
0 Tc 0 Tw 12 0 0 12 72 243 Tm
(\225)Tj
0.035 Tw 10 0 0 10 90 243 Tm
(Employee view of compensation \(i.e., Employees prefer wages\))Tj
0 Tw 12 0 0 12 72 228 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 90 228 Tm
(Need financial institutions to set up SIMPLE plans)Tj
0 Tc 0 Tw 12 0 0 12 72 213 Tm
(\225)Tj
0.001 Tc 0.006 Tw 10 0 0 10 90 213 Tm
(Bias against small plans; need plan administrators)Tj
0 Tc 0 Tw 12 0 0 12 72 198 Tm
(\225)Tj
0.029 Tw 10 0 0 10 90 198 Tm
(Inflammatory rhetoric by those against employment-based system)Tj
0 Tw 12 0 0 12 72 183 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 90 183 Tm
(Inefficient process exists to terminate DB to start DC)Tj
0 Tc 0 Tw 12 0 0 12 72 168 Tm
(\225)Tj
0.02 Tw 10 0 0 10 90 168 Tm
(Taxes eat away margins and competition among for-profit employers)Tj
/T1_1 1 Tf
0.013 Tc -3.6 -3 Td
(III.)Tj
0 Tc 0.046 Tw 1.8 0 Td
(What are the barriers to increasing public awareness of the value of sav\
ing for retirement?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 72 123 Tm
(\225)Tj
0.003 Tc 10 0 0 10 90 123 Tm
(Education)Tj
0 Tc 12 0 0 12 72 108 Tm
(\225)Tj
0.022 Tw 10 0 0 10 90 108 Tm
(Need to educate employers about DB plans)Tj
0 Tw 12 0 0 12 72 93 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 93 Tm
(Public needs education in basic financial principles)Tj
0 Tw 12 0 0 12 72 78 Tm
(\225)Tj
0.036 Tw 10 0 0 10 90 78 Tm
(Inadequate education of employees by employer)Tj
0 Tw 12 0 0 12 72 63 Tm
(\225)Tj
0.01 Tc 10 0 0 10 90 63 Tm
(Government)Tj
0 Tc 12 0 0 12 72 48 Tm
(\225)Tj
0.001 Tc 0.035 Tw 10 0 0 10 90 48 Tm
(In some minds too much government; in others too little government)Tj
-0.001 Tc 9 0 0 9 565.5 21.5 Tm
(68)Tj
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S
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
-0.001 Tc 0.039 Tw 10 0 0 10 54 731 Tm
(What can the public sector do to address the barriers?)Tj
/T1_1 1 Tf
0 Tc 0 Tw 12 0 0 12 54 716 Tm
(\225)Tj
0.001 Tc 0.007 Tw 10 0 0 10 72 716 Tm
(Reduce: complexity, risk, cost to small employers)Tj
0 Tc 0 Tw 12 0 0 12 54 701 Tm
(\225)Tj
0.005 Tw 10 0 0 10 72 701 Tm
(Simplify legislation)Tj
0 Tw 12 0 0 12 54 686 Tm
(\225)Tj
0.008 Tw 10 0 0 10 72 686 Tm
(Write in plain English)Tj
0 Tw 12 0 0 12 54 671 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 72 671 Tm
(Reduce penalties)Tj
0 Tc 0 Tw 12 0 0 12 54 656 Tm
(\225)Tj
0.043 Tw 10 0 0 10 72 656 Tm
(Encourage incentives, not just prevent abuses)Tj
0 Tw 12 0 0 12 54 641 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 72 641 Tm
(\223Safe-harbor\224 provisions for employers who fund more of 401\(k\)s \
can expand this vehicle)Tj
0 Tc 0 Tw 12 0 0 12 54 626 Tm
(\225)Tj
0.039 Tw 10 0 0 10 72 626 Tm
(Permit higher contribution limits)Tj
0 Tw 12 0 0 12 54 611 Tm
(\225)Tj
0.001 Tc 0.005 Tw 10 0 0 10 72 611 Tm
(Tax credits for small employers to help offset costs)Tj
0 Tc 0 Tw 12 0 0 12 54 596 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 72 596 Tm
(Create more barriers to prevent \223leakage\224 from retirement accounts\
\227be careful, might not save at all)Tj
0 Tc 0 Tw 12 0 0 12 54 581 Tm
(\225)Tj
0.001 Tc 0.038 Tw 10 0 0 10 72 581 Tm
(Government\222s role\227reduce: risk, cost, complexity\227employers will\
sponsor plans)Tj
0 Tc 0 Tw 12 0 0 12 54 566 Tm
(\225)Tj
0.001 Tc 0.01 Tw 10 0 0 10 72 566 Tm
(Reduce law, write in plain English)Tj
0 Tc 0 Tw 12 0 0 12 54 551 Tm
(\225)Tj
0.015 Tw 10 0 0 10 72 551 Tm
(Incentive v. regulation)Tj
0 Tw 12 0 0 12 54 536 Tm
(\225)Tj
0.013 Tw 10 0 0 10 72 536 Tm
(Offset costs\226tax credit)Tj
0 Tw 12 0 0 12 54 521 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 521 Tm
(\223Leakage\224\227non-rollover. Need to eliminate lump sum distributio\
ns, loans\227but loans are an incentive)Tj
0.002 Tc 0.005 Tw 0 -1.5 TD
(to participate)Tj
0 Tc 0 Tw 12 0 0 12 54 491 Tm
(\225)Tj
0.016 Tw 10 0 0 10 72 491 Tm
(Bifurcated plan\227wall off dollars to loans)Tj
0 Tw 12 0 0 12 54 476 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 476 Tm
(But some lump sum distributions may fulfill unmet savings goals, or meet\
more immediate needs)Tj
0 Tw 12 0 0 12 54 461 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 461 Tm
(Need catch-up provisions\227late life savers)Tj
0 Tw 12 0 0 12 54 446 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 446 Tm
(Catch-up provisions in plans where you can add more than the limit if yo\
u\222re had to pull some out)Tj
0.026 Tw T*
(\(many take money out to live, between jobs\)\227should be responsibilit\
y of employee in filing taxes,)Tj
0.03 Tw T*
(employer should not have to certify it)Tj
0 Tw 12 0 0 12 54 401 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 401 Tm
(Eliminate caps\227so can catch up as fast as you want: need to take off \
limits on higher paid who would)Tj
0 Tc 0.033 Tw T*
(have to pay for this by reducing their contributions)Tj
0 Tw 12 0 0 12 54 371 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 371 Tm
(Catch-ups should be the responsibility of the individual, not the employ\
er)Tj
0 Tw 12 0 0 12 54 356 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 356 Tm
(HCE rules and money limits discourage catch-up)Tj
0 Tw 12 0 0 12 54 341 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 341 Tm
(Limits are disincentive to employers)Tj
0 Tc 0 Tw 12 0 0 12 54 326 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 326 Tm
(National education campaign will force employers to pay attention to ret\
irement because employees will)Tj
0.001 Tc 0.033 Tw T*
(demand it. Need multiple approach\227print, individual, internet, etc.)Tj
0 Tc 0 Tw 12 0 0 12 54 296 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 296 Tm
(Allow voluntary employee contributions to DB plan\227tax deductible\227c\
reate a \221DC wraparound\222 in DB)Tj
0.025 Tw T*
(invested by DB plan)Tj
0 Tw 12 0 0 12 54 266 Tm
(\225)Tj
0.002 Tc 0.03 Tw 10 0 0 10 72 266 Tm
(Open up IRAs)Tj
0 Tc 0 Tw 12 0 0 12 54 251 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 251 Tm
(Help individuals pay for financial planning via tax break or penalty-fre\
e distribution\227financial)Tj
0.001 Tc 0.065 Tw T*
(planning=group legal services)Tj
0 Tc 0 Tw 12 0 0 12 54 221 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 221 Tm
(Employer cafeteria plan\227allow employees to allocate to DB or DC plans\
)Tj
0 Tc 0 Tw 12 0 0 12 54 206 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 206 Tm
(Japan\227Post Office Saving System)Tj
0 Tw 12 0 0 12 54 191 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 191 Tm
(Savings bonds, stamps\227need something easy and simple)Tj
0 Tc 0 Tw 12 0 0 12 54 176 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 72 176 Tm
(Automatic opt-in for 401\(k\)\226require written opt-out)Tj
0 Tc 0 Tw 12 0 0 12 54 161 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 161 Tm
(Create a payroll deduction, high rate retirement saving bond program)Tj
0 Tw 12 0 0 12 54 146 Tm
(\225)Tj
0.021 Tw 10 0 0 10 72 146 Tm
(Jump$tart Coalition\227Junior Achievement\227for everybody, not just bus\
iness, marketing students)Tj
0 Tw 12 0 0 12 54 131 Tm
(\225)Tj
0.049 Tw 10 0 0 10 72 131 Tm
(Require annuitization..ban lump sum distributions...Choice\226balance)Tj
0 Tw 12 0 0 12 54 116 Tm
(\225)Tj
0.001 Tc 0.05 Tw 10 0 0 10 72 116 Tm
(Income levels\226high income less revenue)Tj
0 Tc 0 Tw 12 0 0 12 54 101 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 101 Tm
(Motivate everyone here to get the message out)Tj
0 Tw 12 0 0 12 54 86 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 86 Tm
(Learn from high saving nations \(e.g., post office savings plan in Japan\
\))Tj
0 Tc 0 Tw 12 0 0 12 54 71 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 71 Tm
(Higher rates on \223retirement\224 or \223lifetime\224 savings bonds\227\
only if by payroll deduction)Tj
0 Tc 0 Tw 12 0 0 12 54 56 Tm
(\225)Tj
0.017 Tw 10 0 0 10 72 56 Tm
(Jump$tart Coalition at high school level\227has web site\227but kids see\
this as just for those interested in)Tj
0.001 Tc 0.04 Tw T*
(business\227need to broaden horizons)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(67)Tj
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0 0 0 1 k
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/T1_0 1 Tf
12 0 0 12 54 732.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 732.5 Tm
(Seminars, printed material, software \(Chamber of Commerce could take th\
is on\)\227needs to be provided)Tj
0.013 Tw 0 -1.5 TD
(by small employers as well as large ones)Tj
0 Tc 0 Tw 12 0 0 12 54 702.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 702.5 Tm
(Employers need to make material easy to understand and targeted \(savers\
, non-savers, languages, etc.\))Tj
0 Tw 12 0 0 12 54 687.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 687.5 Tm
(Build up a central repository of materials \(Department of Labor or Busi\
ness organizations\))Tj
0 Tc 0 Tw 12 0 0 12 54 672.5 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 672.5 Tm
(People not with large employers don\222t have a way to act: need private\
-public partnerships on awareness)Tj
0 Tc 0.023 Tw T*
(\(like crash dummies\))Tj
0 Tw 12 0 0 12 54 642.5 Tm
(\225)Tj
0.041 Tw 10 0 0 10 72 642.5 Tm
(Public-private collaborate on education campaign aimed at young people\227\
aging, planning, etc.)Tj
0 Tw 12 0 0 12 54 627.5 Tm
(\225)Tj
-0.001 Tc 0.105 Tw 10 0 0 10 72 627.5 Tm
(Employer-provided education)Tj
0 Tc 0 Tw 12 0 0 12 54 612.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 612.5 Tm
(Small employers can\222t do as much as large employers. Seminars, print\
, internet)Tj
0 Tw 12 0 0 12 54 597.5 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 597.5 Tm
(Small employers could give access to financial planning through associat\
ion, membership group\226like)Tj
0.004 Tc T*
(Chamber)Tj
0 Tc 0 Tw 12 0 0 12 54 567.5 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 72 567.5 Tm
(Need more plain-English materials\227Target communications to savers, no\
n-savers, ethnic groups, high-)Tj
0 Tc 0.035 Tw T*
(low education levels)Tj
0 Tw 12 0 0 12 54 537.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 537.5 Tm
(Need clearinghouses via Chambers, business organizations. )Tj
ET
0.5 w
q 1 0 0 1 381 536.5 cm
0 0 m
-28 0 l
S
Q
BT
/T1_0 1 Tf
0.001 Tc 10 0 0 10 353 537.5 Tm
(ASEC)Tj
0 Tc 0 Tw 12 0 0 12 54 522.5 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 522.5 Tm
(Public/private partnership develop standard forms, materials, samples\227\
would be cost savings for)Tj
0.003 Tc T*
(business)Tj
0 Tc 0 Tw 12 0 0 12 54 492.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 492.5 Tm
(There are too few vehicles for the very small investor\227perhaps payrol\
l deductions plans\227most have)Tj
0.038 Tw T*
(decent returns \(not savings bonds\)\227make the low threshold saver thi\
nk they\222ve done something valu-)Tj
-0.009 Tc T*
(able)Tj
0 Tc 0 Tw 12 0 0 12 54 447.5 Tm
(\225)Tj
0.001 Tc 0.01 Tw 10 0 0 10 72 447.5 Tm
(Teachers/schools need to teach this/allow kids to save)Tj
0 Tc 0 Tw 12 0 0 12 54 432.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 432.5 Tm
(Set up a new program so if you leave \223X dollars\224 of your tax refun\
d with the government, it will add in)Tj
0 Tc 0.018 Tw T*
(\223Y dollars\224 for savings)Tj
0 Tw 12 0 0 12 54 402.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 402.5 Tm
(Personal contact motives\227seminars for 20-30 year olds, one on one con\
tact, tax-deferred accounts to)Tj
0.001 Tc 0.029 Tw T*
(pay for financial planning\226or penalty-free withdrawal from 401\(k\)s,\
telephone help lines, internet sites)Tj
0 Tc 0 Tw 12 0 0 12 54 372.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 372.5 Tm
(Need an ongoing, funded, )Tj
ET
q 1 0 0 1 316 371.5 cm
0 0 m
-122.5 0 l
S
Q
BT
/T1_0 1 Tf
0.001 Tc 0.027 Tw 10 0 0 10 193.5 372.5 Tm
(public awareness program, like smoking, seat belts\227target the people \
at risk)Tj
0 Tc 0 Tw 12 0 0 12 54 357.5 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 72 357.5 Tm
(Need to bring together government, private, non-profit sector in the uni\
fied approach)Tj
0 Tc 0 Tw 12 0 0 12 54 342.5 Tm
(\225)Tj
0.065 Tw 10 0 0 10 72 342.5 Tm
(Comprehensive educational campaign)Tj
0 Tw 12 0 0 12 54 327.5 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 327.5 Tm
(Standard forms\227disclosure, educational materials)Tj
0 Tw 12 0 0 12 54 312.5 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 72 312.5 Tm
(Need something to get over low dollar threshold\227$20 month\227financia\
l institutions/programs not)Tj
0.024 Tw T*
(geared to low dollar amounts)Tj
0 Tc 0 Tw 12 0 0 12 54 282.5 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 282.5 Tm
(System encourages debt\227credit cards aimed at low wage earners. Kids \
get credit cards)Tj
0 Tc 0 Tw 12 0 0 12 54 267.5 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 267.5 Tm
(Need a program in elementary school\227teach kids how to save)Tj
0 Tw 12 0 0 12 54 252.5 Tm
(\225)Tj
0.041 Tw 10 0 0 10 72 252.5 Tm
(Tax refund\227government could pay interest)Tj
0 Tw 12 0 0 12 54 237.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 237.5 Tm
(Tax credits to: employees\227low tax brackets, employers\227set up vehic\
le)Tj
0 Tw 12 0 0 12 54 222.5 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 222.5 Tm
(Recommit to employer\226based plans\227alleviate individual risk)Tj
0 Tw 12 0 0 12 54 207.5 Tm
(\225)Tj
0.001 Tc 0.034 Tw 10 0 0 10 72 207.5 Tm
(Reinforce the \221social contract\222\227 need regulatory fixes to encou\
rage establishment of plans)Tj
0 Tc 0 Tw 12 0 0 12 54 192.5 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 72 192.5 Tm
(Need to generate demand for plans\227information to employee, employer, \
and spouses)Tj
0 Tc 0 Tw 12 0 0 12 54 177.5 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 177.5 Tm
(Better education campaign would force some employers to do more as emplo\
yees demand it)Tj
0 Tc 0 Tw 12 0 0 12 54 162.5 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 162.5 Tm
(Talk about a \223lifetime savings\224 Summit campaign vs. \223retirement\
\224\227which for young people does not)Tj
0.001 Tc T*
(register)Tj
0 Tc 0 Tw 12 0 0 12 54 132.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 132.5 Tm
(Voluntary employee contributions \(tax deductible\) to DB plans \(an ind\
ividual account within the DB)Tj
0.001 Tc 0.025 Tw T*
(plan\)\227need to make sure law allows them access to funds\226would ens\
ure professional management of)Tj
0.005 Tc T*
(accounts)Tj
0 Tc 0 Tw 12 0 0 12 54 87.5 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 87.5 Tm
(Give individual tax incentives to pay for \223financial planning\224, \(\
for employees/employers\) one on one)Tj
0.026 Tw T*
(advice is needed\227give financial planning same status as group legal s\
ervices)Tj
-0.001 Tc 9 0 0 9 565.5 21.5 Tm
(66)Tj
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540 -720 l
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
12 0 0 12 54 730.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 730.5 Tm
(Funding of DB plans\227employer should be able to fund-up plans. Limits\
discourage sponsorship\227pre)Tj
0 -1.5 TD
(vs. post fund)Tj
0 Tw 12 0 0 12 54 700.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 700.5 Tm
(Audits regulation has gone after DB plans)Tj
0 Tw 12 0 0 12 54 685.5 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 685.5 Tm
(PBGC involvement in merger and acquisition activity)Tj
0 Tw 12 0 0 12 54 670.5 Tm
(\225)Tj
0.001 Tc 0.066 Tw 10 0 0 10 72 670.5 Tm
(Actuarial assumptions\227lack of consistency\227underfunded/overfunded d\
iscourages sponsorship)Tj
0 Tc 0 Tw 12 0 0 12 54 655.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 655.5 Tm
(\221Same desk\222 rule in plan mergers. Grandfather different plan prov\
isions)Tj
0 Tw 12 0 0 12 54 640.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 640.5 Tm
(Lack of industry-based multiemployer plans available for small employers\
\227and unresolved inherent)Tj
0.001 Tc 0.026 Tw T*
(conflicts when you try this \(e.g. liability left when one fails\))Tj
0 Tc 0 Tw 12 0 0 12 54 610.5 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 610.5 Tm
(Pension plans should not be seen as revenue generators)Tj
0 Tw 12 0 0 12 54 595.5 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 595.5 Tm
(Maximums for DB plans serve as barrier\227can\222t put more that \223x\224\
into it)Tj
0 Tc 0 Tw 12 0 0 12 54 580.5 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 72 580.5 Tm
(Fear of lawsuits by employees \(on assumptions, statements\))Tj
0 Tc 0 Tw 12 0 0 12 54 565.5 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 565.5 Tm
(Need better balance between mandates/incentives)Tj
/T1_1 1 Tf
0.046 Tw -1.8 -3 Td
(What are the barriers to increasing public awareness of the value of sav\
ing for retirement?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 520.5 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 72 520.5 Tm
(Hard for people to understand various investment vehicles)Tj
0 Tc 0 Tw 12 0 0 12 54 505.5 Tm
(\225)Tj
0.002 Tc 0.02 Tw 10 0 0 10 72 505.5 Tm
(Schools don\222t teach this)Tj
0 Tc 0 Tw 12 0 0 12 54 490.5 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 490.5 Tm
(Complexity almost requires 1:1 counseling)Tj
0 Tw 12 0 0 12 54 475.5 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 475.5 Tm
(Commercials for young people never suggest they\222ll be old)Tj
0 Tw 12 0 0 12 54 460.5 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 460.5 Tm
(We regulate employer plans as a social product \(like Social Security\))Tj
0 Tw 12 0 0 12 54 445.5 Tm
(\225)Tj
0.037 Tw 10 0 0 10 72 445.5 Tm
(DB plan can discourage thinking about your role)Tj
0 Tw 12 0 0 12 54 430.5 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 430.5 Tm
(Lack of outreach information for other employees whose cultures are diff\
erent)Tj
0 Tw 12 0 0 12 54 415.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 415.5 Tm
(Lack of trust by some of employer)Tj
0 Tc 0 Tw 12 0 0 12 54 400.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 400.5 Tm
(How do we deal with the decline of \223forced savings?\224)Tj
0 Tc 0 Tw 12 0 0 12 54 385 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 385 Tm
(Global marketplace\227in past people thought they did not have to save)Tj
0 Tw 12 0 0 12 54 370 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 370 Tm
(We pressure people in our society to spend)Tj
0 Tc 0 Tw 12 0 0 12 54 355 Tm
(\225)Tj
0.001 Tc 0.014 Tw 10 0 0 10 72 355 Tm
(Also lack of personal responsibility)Tj
0 Tc 0 Tw 12 0 0 12 54 340 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 340 Tm
(Too much paper work for people to change their savings)Tj
0 Tc 0 Tw 12 0 0 12 54 325 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 325 Tm
(We don\222t look at other nations \(Japan has a high savings rate\227 we\
need to learn from them\))Tj
0 Tc 0 Tw 12 0 0 12 54 310 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 310 Tm
(Help is not appearing in publications/media many people read or watch on\
TV \(e.g., Sienfeld\))Tj
0 Tw 12 0 0 12 54 295 Tm
(\225)Tj
0.067 Tw 10 0 0 10 72 295 Tm
(\221Backfunding\222/catch up provisions prohibited)Tj
0 Tw 12 0 0 12 54 280 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 72 280 Tm
(Investing is a difficult topic\227educational system ignores it\227 mayb\
e requires individual approach)Tj
0 Tc 0 Tw 12 0 0 12 54 265 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 265 Tm
(Little marketing aimed at youth)Tj
0 Tw 12 0 0 12 54 250 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 250 Tm
(Investment advice vs. education. Employers can\222t give advice w/o lia\
bility)Tj
0 Tw 12 0 0 12 54 235 Tm
(\225)Tj
0.037 Tw 10 0 0 10 72 235 Tm
(Fiduciary liability\227deters employers from actively educating employee\
s)Tj
0 Tw 12 0 0 12 54 220 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 220 Tm
(Limits on how far education can go. Even bright people can be overwhelm\
ed by quantity of information)Tj
0 Tw 12 0 0 12 54 205 Tm
(\225)Tj
-0.001 Tc 0.031 Tw 10 0 0 10 72 205 Tm
(Personal responsibility)Tj
0 Tc 0 Tw 12 0 0 12 54 190 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 190 Tm
(Fear\227don\222t want to know what I need to do)Tj
0 Tc 0 Tw 12 0 0 12 54 175 Tm
(\225)Tj
0.017 Tw 10 0 0 10 72 175 Tm
(Look at other countries\227Germany, Japan)Tj
ET
0.5 w
q 1 0 0 1 152 144 cm
0 0 m
-98 0 l
S
Q
BT
/T1_0 1 Tf
0.012 Tw 10 0 0 10 54 145 Tm
(Session #2 Questions)Tj
/T1_1 1 Tf
0.008 Tc T*
(Questions)Tj
/T1_0 1 Tf
0 Tc 0.034 Tw T*
[(1)-16(.)-950(What can the private sector and other non-governing organizations do to \
address the barriers?)]TJ
0.001 Tc 0.021 Tw T*
[(2)-15(.)-949(What can the public sector do to address the barriers?)]TJ
/T1_1 1 Tf
-0.001 Tc 0.059 Tw 0 -3 TD
(What can the private sector and other non-governing organizations do to \
address the barriers?)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 54 55 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 55 Tm
(Use Junior Achievement to teach more about investments)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(65)Tj
ET
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q 1 0 0 1 36 755.5 cm
0 0 m
540 0 l
0 -720 m
540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
12 0 0 12 54 737 Tm
(\225)Tj
0.048 Tw 10 0 0 10 72 737 Tm
(Other priorities\227long term care, education)Tj
0 Tw 12 0 0 12 54 722 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 722 Tm
(Values\227plan for future not focus)Tj
0 Tw 12 0 0 12 54 707 Tm
(\225)Tj
0.041 Tw 10 0 0 10 72 707 Tm
(Better understanding of saving for retirement)Tj
0 Tw 12 0 0 12 54 692 Tm
(\225)Tj
-0.001 Tc 0.125 Tw 10 0 0 10 72 692 Tm
(Unfounded confidence)Tj
0 Tc 0 Tw 12 0 0 12 54 677 Tm
(\225)Tj
0.037 Tw 10 0 0 10 72 677 Tm
(Other priorities \(e.g., long term cares\))Tj
0 Tw 12 0 0 12 54 662 Tm
(\225)Tj
0.001 Tc 0.046 Tw 10 0 0 10 72 662 Tm
(Lack of knowledge\227not covered in school)Tj
0 Tc 0 Tw 12 0 0 12 54 647 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 647 Tm
(Assume will have a defined benefit plan\227but these are disappearing)Tj
0 Tw 12 0 0 12 54 632 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 72 632 Tm
(Defined benefit is passive; DC is active)Tj
0 Tc 0 Tw 12 0 0 12 54 617 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 617 Tm
(People have to plan for a much longer life)Tj
0 Tw 12 0 0 12 54 602 Tm
(\225)Tj
0.002 Tc 0.021 Tw 10 0 0 10 72 602 Tm
(Expect a DB plan)Tj
0 Tc 0 Tw 12 0 0 12 54 587 Tm
(\225)Tj
0.002 Tc 0.03 Tw 10 0 0 10 72 587 Tm
(Disappearance of DB)Tj
0 Tc 0 Tw 12 0 0 12 54 572 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 572 Tm
(DC plan can give more money)Tj
0 Tw 12 0 0 12 54 557 Tm
(\225)Tj
0.001 Tc 0.072 Tw 10 0 0 10 72 557 Tm
(Don\222t understand compounding)Tj
0 Tc 0 Tw 12 0 0 12 54 542 Tm
(\225)Tj
0.001 Tc 0.042 Tw 10 0 0 10 72 542 Tm
(DB/DC\227different challenges\227need to be active participant)Tj
0 Tc 0 Tw 12 0 0 12 54 527 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 527 Tm
(DB a disincentive to save\227or )Tj
ET
0.5 w
q 1 0 0 1 229.5 526 cm
0 0 m
-17 0 l
S
Q
BT
/T1_0 1 Tf
10 0 0 10 212.5 527 Tm
(any employer-based plan)Tj
0 Tw 12 0 0 12 54 512 Tm
(\225)Tj
-0.001 Tc 0.048 Tw 10 0 0 10 72 512 Tm
(Cultural differences\227ethnic, immigrants\226lack of )Tj
ET
q 1 0 0 1 344 511 cm
0 0 m
-40.5 0 l
S
Q
BT
/T1_0 1 Tf
10 0 0 10 303.5 512 Tm
[(outreach,)55( )]TJ
ET
q 1 0 0 1 373 511 cm
0 0 m
-23 0 l
S
Q
BT
/T1_0 1 Tf
0.001 Tc 10 0 0 10 350 512 Tm
(trust)Tj
0 Tc 0 Tw 12 0 0 12 54 497 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 497 Tm
(Decline of any organized labor\227major creator of benefits system)Tj
0 Tw 12 0 0 12 54 482 Tm
(\225)Tj
0.04 Tw 10 0 0 10 72 482 Tm
(Lack of discretionary income)Tj
0 Tw 12 0 0 12 54 467 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 467 Tm
(Paternalism\227company will no longer take care of you\226marketplace ha\
s changed this\227 lulled people in)Tj
-0.001 Tc 0.022 Tw 0 -1.5 TD
(the past into not saving)Tj
0 Tc 0 Tw 12 0 0 12 54 437 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 437 Tm
(Lack of knowledge of programs)Tj
0 Tw 12 0 0 12 54 422 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 422 Tm
(Benefit statement gives individuals incentive)Tj
/T1_1 1 Tf
0.051 Tw -1.8 -3 Td
(What are the barriers employers face in providing opportunities to help \
employees prepare for)Tj
0.007 Tc T*
(retirement?)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 54 362 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 362 Tm
(Rules focus on preventing abuses)Tj
0 Tw 12 0 0 12 54 347 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 347 Tm
(Small employers\227no strong reason they see to have a plan)Tj
0 Tw 12 0 0 12 54 332 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 332 Tm
(Other benefits more desired by small employers\222 employees)Tj
0 Tc 0 Tw 12 0 0 12 54 317 Tm
(\225)Tj
0.037 Tw 10 0 0 10 72 317 Tm
(Reduced vesting period employers feel they\222re rewarding employees too\
soon\227direct opposite view by)Tj
0.003 Tc T*
(employees)Tj
0 Tc 0 Tw 12 0 0 12 54 287 Tm
(\225)Tj
0.06 Tw 10 0 0 10 72 287 Tm
(Mandated\227not mandated)Tj
0 Tw 12 0 0 12 54 272 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 272 Tm
(Need to communicate in a variety of different languages)Tj
0 Tc 0 Tw 12 0 0 12 54 257 Tm
(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 72 257 Tm
(Cost: of company contributions\227of administering plan)Tj
0 Tc 0 Tw 12 0 0 12 54 242 Tm
(\225)Tj
0.05 Tw 10 0 0 10 72 242 Tm
(Regulation \(IRS, DOL, SEC\)\227complexity)Tj
0 Tw 12 0 0 12 54 227 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 227 Tm
(Discrimination testing; micromanagement of 401\(k\)s)Tj
0 Tc 0 Tw 12 0 0 12 54 212 Tm
(\225)Tj
0.001 Tc 0.038 Tw 10 0 0 10 72 212 Tm
(DB too heavily regulated)Tj
0 Tc 0 Tw 12 0 0 12 54 197 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 197 Tm
(Restrictions on top people discourage employers from offering plans)Tj
0 Tw 12 0 0 12 54 182 Tm
(\225)Tj
-0.001 Tc 0.028 Tw 10 0 0 10 72 182 Tm
(Focus on )Tj
ET
q 1 0 0 1 147.5 181 cm
0 0 m
-31.5 0 l
S
Q
BT
/T1_0 1 Tf
0.001 Tc 0.027 Tw 10 0 0 10 116 182 Tm
(abuses discourages plans from being offered\227stick is bigger than carr\
ot)Tj
0 Tc 0 Tw 12 0 0 12 54 167 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 167 Tm
(Retirement plans not a priority\227employees do not demand it\227want )Tj
ET
q 1 0 0 1 443.5 166 cm
0 0 m
-49.5 0 l
S
Q
BT
/T1_0 1 Tf
0.003 Tc 0.026 Tw 10 0 0 10 394 167 Tm
[(immediate)53( benefits)]TJ
0 Tc 0 Tw 12 0 0 12 54 152 Tm
(\225)Tj
-0.001 Tc 0.065 Tw 10 0 0 10 72 152 Tm
(Incentives not strong enough)Tj
0 Tc 0 Tw 12 0 0 12 54 137 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 137 Tm
(Employer/policy objectives clash. Reward longevity v. prepare for retir\
ement)Tj
0 Tw 12 0 0 12 54 122 Tm
(\225)Tj
0.001 Tc 0.082 Tw 10 0 0 10 72 122 Tm
(Communication barriers\226multi-ethnic workforce)Tj
0 Tc 0 Tw 12 0 0 12 54 107 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 107 Tm
(Multiemployer plans\227liability of employers drops out)Tj
0 Tw 12 0 0 12 54 92 Tm
(\225)Tj
-0.001 Tc 0.041 Tw 10 0 0 10 72 92 Tm
(Congress driven by )Tj
ET
q 1 0 0 1 231.5 91 cm
0 0 m
-66.5 0 l
S
Q
BT
/T1_0 1 Tf
0 Tc 0.045 Tw 10 0 0 10 165 92 Tm
[(revenue )7(needs, not promoting plans)]TJ
0 Tw 12 0 0 12 54 77 Tm
(\225)Tj
-0.001 Tc 0.028 Tw 10 0 0 10 72 77 Tm
(Federal budget scores benefits as an )Tj
ET
q 1 0 0 1 300 76 cm
0 0 m
-55.5 0 l
S
Q
BT
/T1_0 1 Tf
0 Tc 10 0 0 10 244.5 77 Tm
(expenditure)Tj
0 Tw 12 0 0 12 54 62 Tm
(\225)Tj
-0.001 Tc 0.028 Tw 10 0 0 10 72 62 Tm
(Employers try to make 40-year plans\226but rules )Tj
ET
q 1 0 0 1 328 61 cm
0 0 m
-32.5 0 l
S
Q
BT
/T1_0 1 Tf
0.001 Tc 10 0 0 10 295.5 62 Tm
(change year to year for employers and employees)Tj
0 Tc 0 Tw 12 0 0 12 54 47 Tm
(\225)Tj
-0.003 Tc 0.035 Tw 10 0 0 10 72 47 Tm
(ERISA has been amended )Tj
ET
q 1 0 0 1 239 46 cm
0 0 m
-42.5 0 l
S
Q
BT
/T1_0 1 Tf
0.001 Tc 0.036 Tw 10 0 0 10 196.5 47 Tm
(too much re: funding requirements)Tj
-0.001 Tc 9 0 0 9 567 21.5 Tm
(64)Tj
ET
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0 -720 m
540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.01 Tc 10 0 0 10 54 735 Tm
(Opportunities)Tj
/T1_1 1 Tf
-0.001 Tc 0.125 Tw 0 -1.5 TD
(Overarching Themes)Tj
0 Tc 0 Tw 12 0 0 12 72 705 Tm
(\225)Tj
0.001 Tc 0.09 Tw 10 0 0 10 90 705 Tm
(customer-centered solutions)Tj
0 Tc 0 Tw 12 0 0 12 72 690 Tm
(\225)Tj
0.001 Tc 0.055 Tw 10 0 0 10 90 690 Tm
(greater public/private non-profit org. partnership)Tj
/T1_2 1 Tf
0.076 Tw -3.6 -3 Td
(Actions by Public/Private Sectors & Non-Governmental Organizations)Tj
/T1_1 1 Tf
0 Tc -0.011 Tw T*
(Need for greater simplicity, clarity, flexibility, and universal constan\
cy)Tj
0 Tw 12 0 0 12 72 630 Tm
(\225)Tj
0.015 Tw 10 0 0 10 90 630 Tm
(develop simple, universal IRA for all savings)Tj
0 Tw 12 0 0 12 72 615 Tm
(\225)Tj
0.039 Tw 10 0 0 10 90 615 Tm
(provide greater portability because of changing avocations)Tj
0 Tw 12 0 0 12 72 600 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 90 600 Tm
(provide for drawing down while accruing \(allow employees to retire and \
collect benefits while)Tj
-0.001 Tc 0.063 Tw T*
(continuing to work\))Tj
0 Tc 0.034 Tw -3.6 -1.5 Td
(Need to change cultural savings paradigm)Tj
0 Tw 12 0 0 12 72 555 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 555 Tm
(get to people through businesses by providing more flexibility \(i.e., e\
xpand SEP\))Tj
0 Tw 12 0 0 12 72 540 Tm
(\225)Tj
0.028 Tw 10 0 0 10 90 540 Tm
(establish national savings priority policy \(e.g., national savings bond\
drive\))Tj
0 Tw 12 0 0 12 72 525 Tm
(\225)Tj
0.05 Tw 10 0 0 10 90 525 Tm
(provide incentives to encourage savings)Tj
0 Tw 12 0 0 12 72 510 Tm
(\225)Tj
0.032 Tw 10 0 0 10 90 510 Tm
(encourage credit card companies to teach credit card responsibility)Tj
0 Tw 12 0 0 12 72 495 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 495 Tm
(need to prevent leakage of money from retirement savings plans)Tj
0.001 Tc 0.03 Tw -3.6 -1.5 Td
(Need to reduce tax burdens, disincentives, and structural flaws)Tj
0 Tc 0 Tw 12 0 0 12 72 465 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 90 465 Tm
(eliminate tax restrictions for cascading wealth in families)Tj
0 Tc 0 Tw 12 0 0 12 72 450 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 90 450 Tm
(tax credit for 401\(k\) contributions)Tj
0 Tc 0 Tw 12 0 0 12 72 435 Tm
(\225)Tj
0.04 Tw 10 0 0 10 90 435 Tm
(allow movement of money among different retirement vehicles)Tj
0 Tw 12 0 0 12 72 420 Tm
(\225)Tj
0.001 Tc 0.043 Tw 10 0 0 10 90 420 Tm
(reduce federal tax burden)Tj
0 Tc 0 Tw 12 0 0 12 72 405 Tm
(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 90 405 Tm
(provide for saved income credit for low-income groups)Tj
0 Tc 0 Tw 12 0 0 12 72 389.5 Tm
(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 90 389.5 Tm
(change tax code to promote savings rather than consumption)Tj
0 Tc 0 Tw 12 0 0 12 72 374.5 Tm
(\225)Tj
0.019 Tw 10 0 0 10 90 374.5 Tm
(provide stronger incentives for small businesses to establish plans)Tj
0.041 Tw -3.6 -1.5 Td
(Need more aggressive education programs)Tj
0 Tw 12 0 0 12 72 344.5 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 90 344.5 Tm
(public and private sector need to support grass roots organization effor\
ts)Tj
0 Tc 0 Tw 12 0 0 12 72 329.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 90 329.5 Tm
(need to begin education in family and early school years \(with attentio\
n to language barriers\))Tj
0 Tw 12 0 0 12 72 314.5 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 90 314.5 Tm
(provide for initial and continual education for workers and retirees)Tj
0 Tc 0 Tw 12 0 0 12 72 299.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 90 299.5 Tm
(educate employers on how to set up low cost plans)Tj
/T1_0 1 Tf
0.002 Tc 0.037 Tw -3.6 -3 Td
(G. Red Group)Tj
/T1_1 1 Tf
0 Tc 0.028 Tw T*
[(1)-16(.)-950(What are the barriers individuals face in saving for retirement?)]TJ
0.001 Tc T*
[(2)-15(.)-949(What are the barriers employers face in providing opportunities to help \
employees prepare for retire-)]TJ
0.004 Tc 1.8 -1.5 Td
(ment?)Tj
0 Tc -1.8 -1.5 Td
[(3)-16(.)-950(What are the barriers to increasing public awareness of the value of sav\
ing for retirement?)]TJ
/T1_0 1 Tf
0.053 Tw 0 -3 TD
(What are the barriers individuals face in saving for retirement?)Tj
/T1_1 1 Tf
0 Tw 12 0 0 12 54 164.5 Tm
(\225)Tj
-0.015 Tw 10 0 0 10 72 164.5 Tm
(Awareness of issue)Tj
0 Tw 12 0 0 12 54 149.5 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 72 149.5 Tm
(Lack of access to plan)Tj
0 Tc 0 Tw 12 0 0 12 54 134.5 Tm
(\225)Tj
-0.001 Tc 0.04 Tw 10 0 0 10 72 134.5 Tm
(Lack of money)Tj
0 Tc 0 Tw 12 0 0 12 54 119.5 Tm
(\225)Tj
0.005 Tc 10 0 0 10 72 119.5 Tm
(Motivation)Tj
0 Tc 12 0 0 12 54 104.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 104.5 Tm
(Place in life\226consumer debt, student debt)Tj
0 Tc 0 Tw 12 0 0 12 54 89.5 Tm
(\225)Tj
0.002 Tc 10 0 0 10 72 89.5 Tm
(Jobs\226downsizing)Tj
0 Tc 12 0 0 12 54 74.5 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 74.5 Tm
(Need disciplined \221habit\222)Tj
0 Tc 0 Tw 12 0 0 12 54 59.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 59.5 Tm
(Assume Social Security will pay\205)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(63)Tj
ET
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0 0 m
540 0 l
0 -720 m
540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.001 Tc 0.027 Tw 10 0 0 10 54 735 Tm
(We concluded that the following three areas should be our top priorities\
in this order:)Tj
0.003 Tc 1.8 -1.5 Td
[(1)-13(.)-947(Education)]TJ
0.001 Tc 0.035 Tw 0 -1.5 TD
[(2)-15(.)-949(Simplify and incentify)]TJ
0 Tc 0.032 Tw T*
[(3)-16(.)-950(National priority of retirement income policy)]TJ
/T1_1 1 Tf
0.055 Tw -1.8 -3 Td
(F. Purple Group)Tj
0.009 Tc T*
(Barriers)Tj
/T1_2 1 Tf
0 Tc 0.135 Tw T*
(Individual Barriers)Tj
/T1_0 1 Tf
0.021 Tw T*
(Too much complexity \(for employers and individuals\) and rigidity)Tj
0 Tw 12 0 0 12 72 600 Tm
(\225)Tj
0.021 Tw 10 0 0 10 90 600 Tm
(IRA rules have become disincentives)Tj
0 Tw 12 0 0 12 72 585 Tm
(\225)Tj
-0.001 Tc 0.013 Tw 10 0 0 10 90 585 Tm
(lack of portability)Tj
0 Tc 0 Tw 12 0 0 12 72 570 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 570 Tm
(inability to have earlier entry plans)Tj
0.001 Tc 0.028 Tw -3.6 -1.5 Td
(Cultural bias toward consumption)Tj
0 Tc 0 Tw 12 0 0 12 72 540 Tm
(\225)Tj
0.058 Tw 10 0 0 10 90 540 Tm
(consumption over savings)Tj
0 Tw 12 0 0 12 72 525 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 90 525 Tm
(savings is not a national priority)Tj
0 Tc 0 Tw 12 0 0 12 72 510 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 90 510 Tm
(does not consider \223life cycle propensity\224 \(i.e., different saving\
s needs at different times in life\))Tj
0 Tc 0 Tw 12 0 0 12 72 495 Tm
(\225)Tj
0.035 Tw 10 0 0 10 90 495 Tm
(too many other competing priorities)Tj
0 Tw 12 0 0 12 72 480 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 90 480 Tm
(women, minorities, and low-income workers don\222t have the money to sav\
e)Tj
0 Tc 0.014 Tw -3.6 -1.5 Td
(Tax burdens mitigate against retirement savings)Tj
0 Tw 12 0 0 12 72 450 Tm
(\225)Tj
0.024 Tw 10 0 0 10 90 450 Tm
(no tax incentives to provide cascading of wealth in families)Tj
0 Tw 12 0 0 12 72 435 Tm
(\225)Tj
0.024 Tw 10 0 0 10 90 435 Tm
(tax system penalizes savings and promotes consumption)Tj
0.001 Tc 0.026 Tw -3.6 -1.5 Td
(Lack of education and trust in savings and financial instruments)Tj
0 Tc 0 Tw 12 0 0 12 72 405 Tm
(\225)Tj
0.001 Tc 0.034 Tw 10 0 0 10 90 405 Tm
(too many misconceptions among employers and employees)Tj
0 Tc 0 Tw 12 0 0 12 72 389.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 90 389.5 Tm
(no attachment of money value in retirement to dollars spent today)Tj
0 Tw 12 0 0 12 72 374.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 90 374.5 Tm
(little or no early education in family or schools)Tj
0 Tw 12 0 0 12 72 359.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 90 359.5 Tm
(basic math/financial illiteracy)Tj
/T1_2 1 Tf
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(Employer Barriers)Tj
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0.001 Tc 0.04 Tw T*
(High costs/other priorities)Tj
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(\225)Tj
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(set-up costs)Tj
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(\225)Tj
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(administrative costs)Tj
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(\225)Tj
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(litigation/liability costs)Tj
0 Tw 12 0 0 12 72 254.5 Tm
(\225)Tj
0.002 Tc 0.02 Tw 10 0 0 10 90 254.5 Tm
(other benefits costs)Tj
0 Tc 0 Tw 12 0 0 12 72 239.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 239.5 Tm
(lack of business nexus)Tj
0 Tw 12 0 0 12 72 224.5 Tm
(\225)Tj
0.042 Tw 10 0 0 10 90 224.5 Tm
(ensuring success of the company)Tj
0.002 Tc 0.037 Tw -3.6 -1.5 Td
(Lack of education)Tj
0 Tc 0 Tw 12 0 0 12 72 194.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 90 194.5 Tm
(employers and employees don\222t understand available programs)Tj
0.001 Tc 0.085 Tw -3.6 -1.5 Td
(Other challenges)Tj
0 Tc 0 Tw 12 0 0 12 72 164.5 Tm
(\225)Tj
-0.002 Tc 0.056 Tw 10 0 0 10 90 164.5 Tm
(employee apathy)Tj
0 Tc 0 Tw 12 0 0 12 72 149.5 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 90 149.5 Tm
(lack of employee demand)Tj
0 Tc 0 Tw 12 0 0 12 72 134.5 Tm
(\225)Tj
0.043 Tw 10 0 0 10 90 134.5 Tm
(employee preferences for other benefits)Tj
/T1_2 1 Tf
0.001 Tc 0.07 Tw -3.6 -3 Td
(Barriers to Public Awareness)Tj
/T1_0 1 Tf
0.011 Tc T*
(Language)Tj
0 Tc 0.028 Tw T*
(No objective advocate: who do individuals believe?)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(62)Tj
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
12 0 0 12 72 737 Tm
(\225)Tj
0.001 Tc 0.035 Tw 10 0 0 10 90 737 Tm
(National retirement income policy should endure over time)Tj
0 Tc 0 Tw 12 0 0 12 72 722 Tm
(\225)Tj
0.021 Tw 10 0 0 10 90 722 Tm
(Change tax brackets so more individuals fall into lower tax brackets)Tj
0 Tw 12 0 0 12 72 707 Tm
(\225)Tj
0.001 Tc 0.037 Tw 10 0 0 10 90 707 Tm
(Move to consumption vs. income tax)Tj
0 Tc 0 Tw 12 0 0 12 72 692 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 90 692 Tm
(Establish standardized ways to report and discuss investments \(i.e., in\
ternational standards of)Tj
0.006 Tc 0 -1.5 TD
(reporting\))Tj
0 Tc 0 Tw 12 0 0 12 72 662 Tm
(\225)Tj
-0.001 Tc 0.029 Tw 10 0 0 10 90 662 Tm
(Legislation to guarantee portability)Tj
0 Tc 0 Tw 12 0 0 12 72 647 Tm
(\225)Tj
0.033 Tw 10 0 0 10 90 647 Tm
(Provide integrated benefits options)Tj
0 Tw 12 0 0 12 72 632 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 632 Tm
(Pursue consumption tax idea vs. income tax)Tj
0 Tc 0 Tw 12 0 0 12 72 617 Tm
(\225)Tj
0.001 Tc 0.038 Tw 10 0 0 10 90 617 Tm
(Pursue serious tax reform)Tj
/T1_1 1 Tf
0 Tc 0.085 Tw -3.6 -3 Td
(Orange Breakout Brainstorming Second Day)Tj
0.009 Tc T*
(Barriers)Tj
/T1_0 1 Tf
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(\225)Tj
0.007 Tc 10 0 0 10 90 557 Tm
(Low-income)Tj
0 Tc 12 0 0 12 72 542 Tm
(\225)Tj
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(Other commitments)Tj
0 Tc 0 Tw 12 0 0 12 72 527 Tm
(\225)Tj
0.053 Tw 10 0 0 10 90 527 Tm
(Separate out government regulations)Tj
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(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 90 512 Tm
(Government rules not simplified)Tj
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(\225)Tj
0.018 Tw 10 0 0 10 90 497 Tm
(Government rules that make it difficult for small employers to maintain \
a plan. Top-heavy rule.)Tj
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(\225)Tj
0.018 Tw 10 0 0 10 90 482 Tm
(ADP/ACP tests too onerous for small employers)Tj
0 Tw 12 0 0 12 72 467 Tm
(\225)Tj
0.047 Tw 10 0 0 10 90 467 Tm
(Concern over Congress changing the rules over time)Tj
0 Tw 12 0 0 12 72 452 Tm
(\225)Tj
0.02 Tw 10 0 0 10 90 452 Tm
(Do not chip at pension rules to ease the deficit)Tj
/T1_1 1 Tf
0.01 Tc -3.6 -3 Td
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 72 407 Tm
(\225)Tj
0.036 Tw 10 0 0 10 90 407 Tm
(Support catch-up provisions in defined contribution plans)Tj
0 Tw 12 0 0 12 72 392 Tm
(\225)Tj
0.037 Tw 10 0 0 10 90 392 Tm
(Make regulatory complexity a top priority)Tj
0 Tw 12 0 0 12 72 377 Tm
(\225)Tj
0.038 Tw 10 0 0 10 90 377 Tm
(Encourage financial literacy in the schools)Tj
0 Tw 12 0 0 12 72 362 Tm
(\225)Tj
0.022 Tw 10 0 0 10 90 362 Tm
(Need to emphasis support to low-income persons)Tj
0 Tw 12 0 0 12 72 347 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 90 347 Tm
(Profile individuals who are success stories in saving for retirement)Tj
0 Tc 0 Tw 12 0 0 12 72 332 Tm
(\225)Tj
0.032 Tw 10 0 0 10 90 332 Tm
(Government and business in partnership in the schools)Tj
0 Tw 12 0 0 12 72 317 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 90 317 Tm
(Saver month in the schools)Tj
0 Tc 0 Tw 12 0 0 12 72 302 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 90 302 Tm
(Relieve onerous and complex rules so employers can offer a plan to all e\
mployees)Tj
0 Tc 0 Tw 12 0 0 12 72 287 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 90 287 Tm
(Modify contribution limits and discrimination rules)Tj
0 Tc 0 Tw 12 0 0 12 72 272 Tm
(\225)Tj
0.032 Tw 10 0 0 10 90 272 Tm
(Fewer government mandates on how to operate a plan)Tj
0 Tw 12 0 0 12 72 257 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 90 257 Tm
(Must make coverage available to all employees)Tj
0 Tc 0 Tw 12 0 0 12 72 242 Tm
(\225)Tj
0.027 Tw 10 0 0 10 90 242 Tm
(Expand on other items: someone needs to understand the risks of long-ter\
m care, long-term disabil-)Tj
-0.013 Tw T*
(ity, life expectancy)Tj
0 Tw 12 0 0 12 72 212 Tm
(\225)Tj
-0.001 Tc 0.034 Tw 10 0 0 10 90 212 Tm
(Adequacy the key issue)Tj
0 Tc 0 Tw 12 0 0 12 72 197 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 197 Tm
(Make national retirement income policy a priority)Tj
0 Tc 0 Tw 12 0 0 12 72 182 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 182 Tm
(Fee disclosure in a partnership of business and government)Tj
0 Tw 12 0 0 12 72 167 Tm
(\225)Tj
0.015 Tw 10 0 0 10 90 167 Tm
(Take Social Security off the Budget)Tj
0 Tw 12 0 0 12 72 152 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 90 152 Tm
(Increase income limits)Tj
0 Tc 0 Tw 12 0 0 12 72 137 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 90 137 Tm
(Rollovers need to be supported)Tj
0 Tc 0 Tw 12 0 0 12 72 122 Tm
(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 90 122 Tm
(Make support for low-income persons)Tj
0 Tc 0 Tw 12 0 0 12 72 107 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 90 107 Tm
(Portability: Porter Bill should be supported)Tj
0 Tc 0 Tw 12 0 0 12 72 92 Tm
(\225)Tj
0.01 Tw 10 0 0 10 90 92 Tm
(Portability amount same from 457 to 401\(k\) to 403\(b\) to DB)Tj
0 Tw 12 0 0 12 72 77 Tm
(\225)Tj
0.033 Tw 10 0 0 10 90 77 Tm
(Support rollovers from one plan to another)Tj
0 Tw 12 0 0 12 72 62 Tm
(\225)Tj
0.002 Tc -0.02 Tw 10 0 0 10 90 62 Tm
(Raise 415 limits)Tj
0 Tc 0 Tw 12 0 0 12 72 47 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 90 47 Tm
(Shorten vesting in 401\(k\))Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(61)Tj
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/T1_0 1 Tf
12 0 0 12 72 733.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 90 733.5 Tm
(Examples of success through a culture of savings)Tj
0 Tc 0 Tw 12 0 0 12 72 718.5 Tm
(\225)Tj
0.024 Tw 10 0 0 10 90 718.5 Tm
(Make it easy to put money away)Tj
0 Tw 12 0 0 12 72 703.5 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 90 703.5 Tm
(Create associations that sponsor plans for groups of employees)Tj
0 Tc 0 Tw 12 0 0 12 72 688.5 Tm
(\225)Tj
-0.001 Tc 0.035 Tw 10 0 0 10 90 688.5 Tm
(Easy fiduciary rules)Tj
0 Tc 0 Tw 12 0 0 12 72 673.5 Tm
(\225)Tj
0.037 Tw 10 0 0 10 90 673.5 Tm
(Tax incentives for individuals)Tj
0 Tw 12 0 0 12 72 658.5 Tm
(\225)Tj
0.022 Tw 10 0 0 10 90 658.5 Tm
(Make saving a habit)Tj
0 Tw 12 0 0 12 72 643.5 Tm
(\225)Tj
0.041 Tw 10 0 0 10 90 643.5 Tm
(Direct deposit\227cannot be touched until retirement)Tj
0 Tw 12 0 0 12 72 628.5 Tm
(\225)Tj
0.034 Tw 10 0 0 10 90 628.5 Tm
(Libraries and churches can be good modes of communication)Tj
0 Tw 12 0 0 12 72 613.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 613.5 Tm
(Be careful about deregulating fiduciary responsibilities and rules)Tj
0 Tw 12 0 0 12 72 598.5 Tm
(\225)Tj
0.037 Tw 10 0 0 10 90 598.5 Tm
(Need more pre-retirement; explain more than just retirement and career p\
lanning)Tj
0 Tw 12 0 0 12 72 583.5 Tm
(\225)Tj
0.057 Tw 10 0 0 10 90 583.5 Tm
(Use other agencies\227YMCA)Tj
0 Tw 12 0 0 12 72 568.5 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 90 568.5 Tm
(Use TV programming to increase awareness; Oprah financial fitness club; \
spots on soap operas, sit-)Tj
-0.001 Tc 0.045 Tw 0 -1.5 TD
(coms, etc.)Tj
0 Tc 0 Tw 12 0 0 12 72 538.5 Tm
(\225)Tj
0.001 Tc 0.034 Tw 10 0 0 10 90 538.5 Tm
(Commit to community outreach to disadvantaged groups)Tj
0 Tc 0 Tw 12 0 0 12 72 523.5 Tm
(\225)Tj
0.05 Tw 10 0 0 10 90 523.5 Tm
(Experiment with different techniques)Tj
0 Tw 12 0 0 12 72 508.5 Tm
(\225)Tj
0.023 Tw 10 0 0 10 90 508.5 Tm
(Access to non-biased information is needed)Tj
0 Tw 12 0 0 12 72 493.5 Tm
(\225)Tj
0.045 Tw 10 0 0 10 90 493.5 Tm
(Focus on youth and low-income)Tj
0 Tw 12 0 0 12 72 478.5 Tm
(\225)Tj
-0.001 Tc 0.12 Tw 10 0 0 10 90 478.5 Tm
(Remove government)Tj
0 Tc 0 Tw 12 0 0 12 72 463.5 Tm
(\225)Tj
0.001 Tc 0.043 Tw 10 0 0 10 90 463.5 Tm
(Make education profitable without government mandate)Tj
0 Tc 0 Tw 12 0 0 12 72 448.5 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 90 448.5 Tm
(Tie educational activities to core curriculum or math/science \(i.e., st\
udy compound interest in math\))Tj
0 Tc 0 Tw 12 0 0 12 72 433.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 90 433.5 Tm
(Financial fitness forum; make free financial advice available \(from cer\
tified financial planners)Tj
-0.003 Tc T*
(\(CFPs\)\))Tj
0 Tc 0 Tw 12 0 0 12 72 403.5 Tm
(\225)Tj
0.016 Tw 10 0 0 10 90 403.5 Tm
(Make PSA available at peak viewing times)Tj
0 Tw 12 0 0 12 72 388.5 Tm
(\225)Tj
0.001 Tc 0.078 Tw 10 0 0 10 90 388.5 Tm
(Technology \(Internet, kiosks\)\227expand education)Tj
0 Tc 0 Tw 12 0 0 12 72 373.5 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 90 373.5 Tm
(On-line risk assessments; easy reviewing of status)Tj
0 Tc 0 Tw 12 0 0 12 72 358.5 Tm
(\225)Tj
0.036 Tw 10 0 0 10 90 358.5 Tm
(Agreement on basic principles, reporting techniques, messages on savings\
)Tj
0 Tw 12 0 0 12 72 343.5 Tm
(\225)Tj
0.033 Tw 10 0 0 10 90 343.5 Tm
(Advertising techniques to emphasize savings)Tj
0 Tw 12 0 0 12 72 328.5 Tm
(\225)Tj
0.07 Tw 10 0 0 10 90 328.5 Tm
(Turn consumerism around)Tj
0 Tw 12 0 0 12 72 313.5 Tm
(\225)Tj
0.002 Tc 0.035 Tw 10 0 0 10 90 313.5 Tm
(Need risk-free investments)Tj
0 Tc 0 Tw 12 0 0 12 72 298.5 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 90 298.5 Tm
(Build confidence that savings will be there when retired)Tj
0 Tc 0 Tw 12 0 0 12 72 283.5 Tm
(\225)Tj
0.032 Tw 10 0 0 10 90 283.5 Tm
(Make savings available in a convenient place \(i.e., grocery store; shop\
ping mall\))Tj
0 Tw 12 0 0 12 72 268.5 Tm
(\225)Tj
0.009 Tw 10 0 0 10 90 268.5 Tm
(Take small steps and show positive results)Tj
/T1_1 1 Tf
-0.007 Tc 0.038 Tw -3.6 -3 Td
[(B)-51(.)-707(What can )]TJ
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/T1_1 1 Tf
0 Tc 0.04 Tw 10 0 0 10 124 238.5 Tm
(the public sector do to address the barriers that were identified?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 72 223.5 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 90 223.5 Tm
(Positive impact of seeing positive results of savings)Tj
0 Tc 0 Tw 12 0 0 12 72 208.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 90 208.5 Tm
(Caution that the market is not always going to go up)Tj
0 Tc 0 Tw 12 0 0 12 72 193.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 193.5 Tm
(Need to see long-term approach)Tj
0 Tw 12 0 0 12 72 178.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 178.5 Tm
(Make known individual success stories\227vignettes; laundry lady who sav\
es weekly = $125,000)Tj
0 Tw 12 0 0 12 72 163.5 Tm
(\225)Tj
0.052 Tw 10 0 0 10 90 163.5 Tm
(Shorten vesting period)Tj
0 Tw 12 0 0 12 72 148.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 90 148.5 Tm
(Provide better feedback on investments \(Social Security list individual\
investments, but not)Tj
0.001 Tc 0.038 Tw T*
(matches; with projected outcomes\))Tj
0 Tc 0 Tw 12 0 0 12 72 118.5 Tm
(\225)Tj
0.045 Tw 10 0 0 10 90 118.5 Tm
(Government not mandating plan design)Tj
0 Tw 12 0 0 12 72 103.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 90 103.5 Tm
(Government needs to be sure a safety net exists for low income \(Social \
Security\))Tj
0 Tc 0 Tw 12 0 0 12 72 88.5 Tm
(\225)Tj
0.047 Tw 10 0 0 10 90 88.5 Tm
(Removal of government rules and regs that are government revenue enhance\
ments)Tj
0 Tw 12 0 0 12 72 73.5 Tm
(\225)Tj
0.001 Tc 0.065 Tw 10 0 0 10 90 73.5 Tm
(Government tax reform)Tj
0 Tc 0 Tw 12 0 0 12 72 58.5 Tm
(\225)Tj
0.067 Tw 10 0 0 10 90 58.5 Tm
(Remove restrictive government regulations)Tj
0 Tw 12 0 0 12 72 43.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 90 43.5 Tm
(Formation of a national retirement income policy; all government rules &\
regulations should fit this)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(60)Tj
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/T1_0 1 Tf
12 0 0 12 72 738 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 90 738 Tm
(Quest for fairness is a barrier)Tj
0 Tc 0 Tw 12 0 0 12 72 723 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 90 723 Tm
(Recession could erode what is now so rosy\227change the course Congress \
takes back to deficit reduc-)Tj
0.012 Tc 0 -1.5 TD
(tion)Tj
0 Tc 0 Tw 12 0 0 12 72 693 Tm
(\225)Tj
0.034 Tw 10 0 0 10 90 693 Tm
(Employer lack of understanding of process)Tj
0 Tw 12 0 0 12 72 678 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 90 678 Tm
(Lack of employee loyalty)Tj
0 Tc 0 Tw 12 0 0 12 72 663 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 90 663 Tm
(Lack of employer loyalty)Tj
0 Tc 0 Tw 12 0 0 12 72 648 Tm
(\225)Tj
0.047 Tw 10 0 0 10 90 648 Tm
(Complex regulatory system)Tj
0 Tw 12 0 0 12 72 633 Tm
(\225)Tj
0.051 Tw 10 0 0 10 90 633 Tm
(Concern over downturns in economy; pension rules are whipsawed by revenu\
e/deficit concerns)Tj
0 Tw 12 0 0 12 72 618 Tm
(\225)Tj
0.04 Tw 10 0 0 10 90 618 Tm
(Fiduciary barrier backlash)Tj
0 Tw 12 0 0 12 72 603 Tm
(\225)Tj
0.005 Tw 10 0 0 10 90 603 Tm
(Potential law suits)Tj
0 Tw 12 0 0 12 72 588 Tm
(\225)Tj
0.026 Tw 10 0 0 10 90 588 Tm
(Court rules come after the fact)Tj
0 Tw 12 0 0 12 72 573 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 90 573 Tm
(More difficult to get fiduciaries in the future)Tj
0 Tc 0 Tw 12 0 0 12 72 558 Tm
(\225)Tj
0.024 Tw 10 0 0 10 90 558 Tm
(Fear that you will be out of compliance)Tj
/T1_1 1 Tf
-0.002 Tc 0.047 Tw -3.6 -3 Td
[(C)-46(.)-702(What are the barriers )]TJ
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/T1_1 1 Tf
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(to increasing public awareness of the value of saving for retirement?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 72 513 Tm
(\225)Tj
0.017 Tw 10 0 0 10 90 513 Tm
(Time constraints for individuals)Tj
0 Tw 12 0 0 12 72 498 Tm
(\225)Tj
0.02 Tw 10 0 0 10 90 498 Tm
(No information on retirement issues prior to first job)Tj
0 Tw 12 0 0 12 72 483 Tm
(\225)Tj
0.027 Tw 10 0 0 10 90 483 Tm
(Elevate societal awareness to spur on development of education programs)Tj
0 Tw 12 0 0 12 72 468 Tm
(\225)Tj
0.026 Tw 10 0 0 10 90 468 Tm
(Need to learn to speak to people effectively\227avoid jargon)Tj
0 Tw 12 0 0 12 72 453 Tm
(\225)Tj
0.036 Tw 10 0 0 10 90 453 Tm
(Start education before high school)Tj
0 Tw 12 0 0 12 72 438 Tm
(\225)Tj
0.028 Tw 10 0 0 10 90 438 Tm
(Small employers don\222t have expertise for education)Tj
0 Tw 12 0 0 12 72 423 Tm
(\225)Tj
0.039 Tw 10 0 0 10 90 423 Tm
(Financial information is very personal\227need one on one)Tj
0 Tw 12 0 0 12 72 408 Tm
(\225)Tj
0.035 Tw 10 0 0 10 90 408 Tm
(Uncertain who to trust)Tj
0 Tw 12 0 0 12 72 393 Tm
(\225)Tj
0.013 Tw 10 0 0 10 90 393 Tm
(Vocabulary is difficult\227make sure individuals understand)Tj
0 Tw 12 0 0 12 72 378 Tm
(\225)Tj
0.032 Tw 10 0 0 10 90 378 Tm
(Make retirement savings education start in high school or before)Tj
0 Tw 12 0 0 12 72 363 Tm
(\225)Tj
0.044 Tw 10 0 0 10 90 363 Tm
(Consumer spending is over-emphasized)Tj
0 Tw 12 0 0 12 72 348 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 348 Tm
(Education needs to be personal)Tj
0 Tw 12 0 0 12 72 333 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 90 333 Tm
(Need to overcome the marketing noise that gets turned off)Tj
0 Tc 0 Tw 12 0 0 12 72 318 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 90 318 Tm
(Education: employer to educate employees)Tj
/T1_1 1 Tf
-0.001 Tc 0.079 Tw -3.6 -3 Td
(Opportunities for Increased Retirement Savings)Tj
-0.006 Tc 0.058 Tw T*
[(A)-19(.)-756(What can )]TJ
ET
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0 0 m
-246.5 0 l
S
Q
BT
/T1_1 1 Tf
-0.001 Tc 10 0 0 10 124.5 273 Tm
(the private sector and other non-governmental organizations do to addres\
s the)Tj
0 Tc 0.065 Tw -5.25 -1.5 Td
(barriers that were identified?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 72 243 Tm
(\225)Tj
0.021 Tw 10 0 0 10 90 243 Tm
(Fear Social Security will not be there to capitalize on)Tj
0 Tw 12 0 0 12 72 228 Tm
(\225)Tj
0.028 Tw 10 0 0 10 90 228 Tm
(Social Security will be there\227but don\222t know what to expect)Tj
0 Tw 12 0 0 12 72 213 Tm
(\225)Tj
0.042 Tw 10 0 0 10 90 213 Tm
(Employers providing pension benefits)Tj
0 Tw 12 0 0 12 72 198 Tm
(\225)Tj
0.001 Tc 0.045 Tw 10 0 0 10 90 198 Tm
(More positive education)Tj
0 Tc 0 Tw 12 0 0 12 72 183 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 90 183 Tm
(Remove regulatory and cost barriers for upstart companies)Tj
0 Tc 0 Tw 12 0 0 12 72 168 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 168 Tm
(Need to partner with private business and government)Tj
0 Tc 0 Tw 12 0 0 12 72 153 Tm
(\225)Tj
0.014 Tw 10 0 0 10 90 153 Tm
(Tax incentives to implement benefits programs)Tj
0 Tw 12 0 0 12 72 138 Tm
(\225)Tj
0.006 Tw 10 0 0 10 90 138 Tm
(Tax credit that is credited against FICA)Tj
0 Tw 12 0 0 12 72 123 Tm
(\225)Tj
0.04 Tw 10 0 0 10 90 123 Tm
(Change government tax policy to support pensions)Tj
0 Tw 12 0 0 12 72 108 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 108 Tm
(Financial incentives to school systems target children)Tj
0 Tw 12 0 0 12 72 93 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 93 Tm
(Break from entitlement penalty; need employee responsibility)Tj
0 Tc 0 Tw 12 0 0 12 72 78 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 90 78 Tm
(Partnerships with business and schools\227start educating children)Tj
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(\225)Tj
0.001 Tc 0.035 Tw 10 0 0 10 90 63 Tm
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(\225)Tj
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(Multiemployer plans to pool costs)Tj
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(\225)Tj
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(Choices made with existing funds)Tj
0 Tw 12 0 0 12 72 724.5 Tm
(\225)Tj
0.02 Tw 10 0 0 10 90 724.5 Tm
(Health care costs)Tj
0 Tw 12 0 0 12 72 709.5 Tm
(\225)Tj
0.037 Tw 10 0 0 10 90 709.5 Tm
(Employer cost sharing increasing for health care)Tj
0 Tw 12 0 0 12 72 694.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 694.5 Tm
(Comparison with earlier generations\227earlier not as good savers)Tj
0 Tw 12 0 0 12 72 679.5 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 90 679.5 Tm
(Lack of understanding of life expectancy)Tj
0 Tc 0 Tw 12 0 0 12 72 664.5 Tm
(\225)Tj
0.001 Tc 0.041 Tw 10 0 0 10 90 664.5 Tm
(Education about Social Security\227lulled into complacency)Tj
0 Tc 0 Tw 12 0 0 12 72 649.5 Tm
(\225)Tj
0.033 Tw 10 0 0 10 90 649.5 Tm
(Tax disincentive take too much of earnings)Tj
0 Tw 12 0 0 12 72 634.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 90 634.5 Tm
(Marketing to spend\227too materialistic \(consumption vs. savings\))Tj
0 Tc 0 Tw 12 0 0 12 72 619.5 Tm
(\225)Tj
-0.001 Tc 0.04 Tw 10 0 0 10 90 619.5 Tm
(Competing priorities)Tj
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(\225)Tj
0.001 Tc 0.037 Tw 10 0 0 10 90 604.5 Tm
(Government micromanaging retirement policy \(used to rely on qualified p\
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-0.001 Tc 0.12 Tw 0 -1.5 TD
(codify everything\))Tj
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(\225)Tj
0.001 Tc 0.035 Tw 10 0 0 10 90 574.5 Tm
(Message not entertaining or positive)Tj
0 Tc 0 Tw 12 0 0 12 72 559.5 Tm
(\225)Tj
0.001 Tc 0.041 Tw 10 0 0 10 90 559.5 Tm
(Lack of government incentive to save)Tj
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(\225)Tj
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(Past generations saved differently)Tj
0 Tc 0 Tw 12 0 0 12 72 529.5 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 90 529.5 Tm
(Social Security was a greater resource for past generations)Tj
0 Tc 0 Tw 12 0 0 12 72 514.5 Tm
(\225)Tj
0.029 Tw 10 0 0 10 90 514.5 Tm
(More mobile society has created less pension savings \(i.e., leave inves\
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(\225)Tj
0.003 Tw 10 0 0 10 90 499.5 Tm
(Vesting schedules discourage portability)Tj
0 Tw 12 0 0 12 72 484.5 Tm
(\225)Tj
0.08 Tw 10 0 0 10 90 484.5 Tm
(Pension preservation)Tj
0 Tw 12 0 0 12 72 469.5 Tm
(\225)Tj
0.001 Tc 0.065 Tw 10 0 0 10 90 469.5 Tm
(Changing family structure)Tj
/T1_1 1 Tf
-0.003 Tc 0.053 Tw -3.6 -3 Td
[(B)-47(.)-703(What are the barriers )]TJ
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[(employers)-51( face in providing opportunities to help their employees)]TJ
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(prepare for retirement?)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 72 409.5 Tm
(\225)Tj
-0.001 Tc 0.065 Tw 10 0 0 10 90 409.5 Tm
(Complex regulations)Tj
0 Tc 0 Tw 12 0 0 12 72 394 Tm
(\225)Tj
0.001 Tc 0.045 Tw 10 0 0 10 90 394 Tm
(Discrimination testing)Tj
0 Tc 0 Tw 12 0 0 12 72 379 Tm
(\225)Tj
0.047 Tw 10 0 0 10 90 379 Tm
(Fear of governments constantly changing the rules)Tj
0 Tw 12 0 0 12 72 364 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 90 364 Tm
(Putting in place a pension plan\227fear of making mistakes)Tj
0 Tc 0 Tw 12 0 0 12 72 349 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 349 Tm
(Individuals want cash over pension benefits)Tj
0 Tw 12 0 0 12 72 334 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 90 334 Tm
(Make DB and DC plans portable)Tj
0 Tc 0 Tw 12 0 0 12 72 319 Tm
(\225)Tj
0.038 Tw 10 0 0 10 90 319 Tm
(Lack of employer income)Tj
0 Tw 12 0 0 12 72 304 Tm
(\225)Tj
0.001 Tc 0.035 Tw 10 0 0 10 90 304 Tm
(Employer taxes too high)Tj
0 Tc 0 Tw 12 0 0 12 72 289 Tm
(\225)Tj
0.036 Tw 10 0 0 10 90 289 Tm
(Financial pressures from other sources)Tj
0 Tw 12 0 0 12 72 274 Tm
(\225)Tj
0.037 Tw 10 0 0 10 90 274 Tm
(Changing political nature of pension policy)Tj
0 Tw 12 0 0 12 72 259 Tm
(\225)Tj
0.035 Tw 10 0 0 10 90 259 Tm
(Difficulty in communicating value of DB plan)Tj
0 Tw 12 0 0 12 72 244 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 244 Tm
(Limited by regulations)Tj
0 Tw 12 0 0 12 72 229 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 229 Tm
(Understanding mortality risks)Tj
0 Tc 0 Tw 12 0 0 12 72 214 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 214 Tm
(Retiree medical coverage costs)Tj
0 Tc 0 Tw 12 0 0 12 72 199 Tm
(\225)Tj
0.052 Tw 10 0 0 10 90 199 Tm
(Accounting rules too complex)Tj
0 Tw 12 0 0 12 72 184 Tm
(\225)Tj
0.001 Tc 0.08 Tw 10 0 0 10 90 184 Tm
(Employer incentives)Tj
0 Tc 0 Tw 12 0 0 12 72 169 Tm
(\225)Tj
0.026 Tw 10 0 0 10 90 169 Tm
(Erosion of employer sense of obligation)Tj
0 Tw 12 0 0 12 72 154 Tm
(\225)Tj
0.001 Tc 0.075 Tw 10 0 0 10 90 154 Tm
(Employer education)Tj
0 Tc 0 Tw 12 0 0 12 72 139 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 90 139 Tm
(Inadequate amounts saved)Tj
0 Tc 0 Tw 12 0 0 12 72 124 Tm
(\225)Tj
0.013 Tw 10 0 0 10 90 124 Tm
(Plans not adapted to mobile society)Tj
0 Tw 12 0 0 12 72 109 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 109 Tm
(Deregulated, global environment for companies make bottom line essential\
)Tj
0 Tw 12 0 0 12 72 94 Tm
(\225)Tj
0.029 Tw 10 0 0 10 90 94 Tm
(Large employer: value of DB is not understood by employees)Tj
0 Tw 12 0 0 12 72 79 Tm
(\225)Tj
0.024 Tw 10 0 0 10 90 79 Tm
(Employers must explain vast amount to employees \(Can cause cost concern\
s for small employers\))Tj
0 Tw 12 0 0 12 72 64 Tm
(\225)Tj
0.03 Tw 10 0 0 10 90 64 Tm
(Agency \(PBGC\) premiums for DB plans\227variable income year to year \(\
causes problems\))Tj
0 Tw 12 0 0 12 72 49 Tm
(\225)Tj
0.021 Tw 10 0 0 10 90 49 Tm
(Make DB plans portable to help employers)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(58)Tj
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/T1_0 1 Tf
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(\225)Tj
0.048 Tw 10 0 0 10 72 722.5 Tm
(Set example by controlling government spending)Tj
0 Tw 12 0 0 12 54 707.5 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 72 707.5 Tm
(Drop the view that small plans are skewed to the wealthy few)Tj
0 Tc 0 Tw 12 0 0 12 54 692.5 Tm
(\225)Tj
0.038 Tw 10 0 0 10 72 692.5 Tm
(Consumer culture is driven by TV today; public service announcements \(P\
SAs\) needed to encourage)Tj
0.001 Tc 0.05 Tw 0 -1.5 TD
(saving and counter the consumer culture)Tj
0 Tc 0 Tw 12 0 0 12 54 662.5 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 72 662.5 Tm
(Create tax incentives for phantom stocks given to employees)Tj
0 Tc 0 Tw 12 0 0 12 54 647.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 647.5 Tm
(Need structure to help people move in workplace as they work their way u\
p)Tj
0 Tw 12 0 0 12 54 632.5 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 632.5 Tm
(Decrease PBGC premiums and requirements on small plans)Tj
0 Tc 0 Tw 12 0 0 12 54 617.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 617.5 Tm
(PBGC needs to reward well-funded defined benefit plans)Tj
0 Tw 12 0 0 12 54 602.5 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 72 602.5 Tm
(Extend PBGC lost participant program to defined contribution participant\
s)Tj
0 Tc 0 Tw 12 0 0 12 54 587.5 Tm
(\225)Tj
0.001 Tc 0.008 Tw 10 0 0 10 72 587.5 Tm
(Create simplified \223defined benefit\224 plan for small businesses)Tj
0 Tc 0 Tw 12 0 0 12 54 572.5 Tm
(\225)Tj
0.037 Tw 10 0 0 10 72 572.5 Tm
(Provide everyone with the opportunity to save by diverting money from so\
mewhere, such as Social)Tj
0.004 Tc T*
(Security)Tj
0 Tc 0 Tw 12 0 0 12 54 542.5 Tm
(\225)Tj
0.001 Tc 0.042 Tw 10 0 0 10 72 542.5 Tm
(Increase the minimum wage)Tj
0 Tc 0 Tw 12 0 0 12 54 527.5 Tm
(\225)Tj
0.001 Tc 0.042 Tw 10 0 0 10 72 527.5 Tm
(Accept more regional prototypes)Tj
0 Tc 0 Tw 12 0 0 12 54 512.5 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 512.5 Tm
(Drop user fees for submitting plan to government)Tj
/T1_1 1 Tf
0.001 Tc 0.065 Tw -1.8 -3 Td
(E. Orange Group)Tj
0 Tc 0.077 Tw T*
(Barriers to Retirement Savings)Tj
-0.003 Tc 0.054 Tw T*
[(A)-16(.)-753(What are the barriers )]TJ
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/T1_1 1 Tf
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(individuals face in saving for retirement?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 72 437.5 Tm
(\225)Tj
0.034 Tw 10 0 0 10 90 437.5 Tm
(Retirement savings vs. other commitments)Tj
0 Tw 12 0 0 12 72 422.5 Tm
(\225)Tj
0.021 Tw 10 0 0 10 90 422.5 Tm
(10% penalty in 401\(k\) plans early withdrawal discourages participation\
)Tj
0 Tw 12 0 0 12 72 407.5 Tm
(\225)Tj
0.001 Tc 0.041 Tw 10 0 0 10 90 407.5 Tm
(Income or lack thereof)Tj
0 Tc 0 Tw 12 0 0 12 72 392.5 Tm
(\225)Tj
0.012 Tw 10 0 0 10 90 392.5 Tm
(Wage growth rate)Tj
0 Tw 12 0 0 12 72 377.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 377.5 Tm
(Perception of the size or amount needed to be saved)Tj
0 Tw 12 0 0 12 72 362.5 Tm
(\225)Tj
0.001 Tc 0.042 Tw 10 0 0 10 90 362.5 Tm
(Integration with other benefits)Tj
0 Tc 0 Tw 12 0 0 12 72 347.5 Tm
(\225)Tj
0.001 Tc 0.011 Tw 10 0 0 10 90 347.5 Tm
(Taxes taking too much)Tj
0 Tc 0 Tw 12 0 0 12 72 332.5 Tm
(\225)Tj
0.016 Tw 10 0 0 10 90 332.5 Tm
(Attitude: Is saving a habit?)Tj
0 Tw 12 0 0 12 72 317.5 Tm
(\225)Tj
0.001 Tc 0.034 Tw 10 0 0 10 90 317.5 Tm
(Understanding the need to save)Tj
0 Tc 0 Tw 12 0 0 12 72 302.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 302.5 Tm
(Unique to U.S. history\227first generation being asked to support their \
own retirement with personal)Tj
0.003 Tc T*
(savings)Tj
0 Tc 0 Tw 12 0 0 12 72 272.5 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 90 272.5 Tm
(Lack of portability)Tj
0 Tc 0 Tw 12 0 0 12 72 257.5 Tm
(\225)Tj
0.05 Tw 10 0 0 10 90 257.5 Tm
(Cultural barrier)Tj
0 Tw 12 0 0 12 72 242.5 Tm
(\225)Tj
-0.001 Tc 0.07 Tw 10 0 0 10 90 242.5 Tm
(Statutory requirements)Tj
0 Tc 0 Tw 12 0 0 12 72 227.5 Tm
(\225)Tj
0.001 Tc 0.037 Tw 10 0 0 10 90 227.5 Tm
(Clear focus of requirement)Tj
0 Tc 0 Tw 12 0 0 12 72 212.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 90 212.5 Tm
(Lack of individual personal advice from a young age)Tj
0 Tw 12 0 0 12 72 197.5 Tm
(\225)Tj
0.032 Tw 10 0 0 10 90 197.5 Tm
(Fail to understand benefit of compounding interest)Tj
0 Tw 12 0 0 12 72 182.5 Tm
(\225)Tj
0.003 Tw 10 0 0 10 90 182.5 Tm
(Taxes too high)Tj
0 Tw 12 0 0 12 72 167.5 Tm
(\225)Tj
0.02 Tw 10 0 0 10 90 167.5 Tm
(Fear of lost principle)Tj
0 Tw 12 0 0 12 72 152.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 152.5 Tm
(Fear that someone else will get my money)Tj
0 Tw 12 0 0 12 72 137.5 Tm
(\225)Tj
0.017 Tw 10 0 0 10 90 137.5 Tm
(Fear of making a mistake)Tj
0 Tw 12 0 0 12 72 122.5 Tm
(\225)Tj
0.045 Tw 10 0 0 10 90 122.5 Tm
(Fear government will change the rules)Tj
0 Tw 12 0 0 12 72 107.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 90 107.5 Tm
(Social Security creates false sense of security)Tj
0 Tc 0 Tw 12 0 0 12 72 92.5 Tm
(\225)Tj
0.07 Tw 10 0 0 10 90 92.5 Tm
(Consumer gratification)Tj
0 Tw 12 0 0 12 72 77.5 Tm
(\225)Tj
0.055 Tw 10 0 0 10 90 77.5 Tm
(Understanding current benefits offered)Tj
0 Tw 12 0 0 12 72 62.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 90 62.5 Tm
(Education on impact of inflation)Tj
0 Tw 12 0 0 12 72 47.5 Tm
(\225)Tj
0.048 Tw 10 0 0 10 90 47.5 Tm
(Women leaving workforce)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(57)Tj
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
12 0 0 12 54 738 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 738 Tm
(Need catch-up provisions in retirement plans; allow people to save more\
at later ages when they are)Tj
-0.001 Tc 0.01 Tw 0 -1.5 TD
(better able to save)Tj
/T1_1 1 Tf
0 Tc 0.066 Tw -1.8 -3 Td
(What Can the Private Sector and other Non-Governmental Organizations Do?\
)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 678 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 678 Tm
(Educate the public as to what is available and what they can do for them\
)Tj
0 Tc 0 Tw 12 0 0 12 54 663 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 663 Tm
(Sponsor more plans and generate new types of plans)Tj
0 Tw 12 0 0 12 54 648 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 648 Tm
(Expand model of multiemployer plans)Tj
0 Tw 12 0 0 12 54 633 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 633 Tm
(Give part-time workers access to pensions)Tj
0 Tc 0 Tw 12 0 0 12 54 618 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 618 Tm
(Target worker participation when workers receive raises)Tj
0 Tw 12 0 0 12 54 603 Tm
(\225)Tj
0.039 Tw 10 0 0 10 72 603 Tm
(Get the financial industry more focused on lower-income workers)Tj
0 Tw 12 0 0 12 54 588 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 588 Tm
(Better disclosure to participants of how plans work)Tj
0 Tc 0 Tw 12 0 0 12 54 573 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 573 Tm
(Need increased education for workers on an ongoing basis)Tj
0 Tc 0 Tw 12 0 0 12 54 558 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 558 Tm
(Employer has a moral obligation to offer some retirement benefit, govern\
ment needs to make this easy)Tj
0 Tc 0 Tw 12 0 0 12 54 543 Tm
(\225)Tj
0.017 Tw 10 0 0 10 72 543 Tm
(Establish attitude of thrift for the company that then impacts workers\222\
attitudes and behavior)Tj
0 Tw 12 0 0 12 54 528 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 528 Tm
(Create culture of savings and thrift)Tj
0 Tw 12 0 0 12 54 513 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 513 Tm
(Cannot separate government from the employer side)Tj
0 Tw 12 0 0 12 54 498 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 498 Tm
(Financial institutions need to go after untapped markets \(e.g., minorit\
ies\); it is good business; it may)Tj
0 Tc 0.04 Tw T*
(require new strategies)Tj
0 Tw 12 0 0 12 54 468 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 468 Tm
(Company needs to raise the profile of an offered plan)Tj
/T1_1 1 Tf
-0.001 Tc 0.041 Tw -1.8 -3 Td
(What Can the Public Sector Do?)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 54 423 Tm
(\225)Tj
0.033 Tw 10 0 0 10 72 423 Tm
(Educate the public on how to manage money)Tj
0 Tw 12 0 0 12 54 408 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 408 Tm
(Admit that current and past efforts have not raised savings; and theref\
ore, alter the way we tax)Tj
0.003 Tc T*
(savings)Tj
0 Tc 0 Tw 12 0 0 12 54 378 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 378 Tm
(Tax incentives drive behavior)Tj
0 Tw 12 0 0 12 54 363 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 363 Tm
(Make this a real national priority over time)Tj
0 Tw 12 0 0 12 54 348 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 72 348 Tm
(Extend incentives to low-income people)Tj
0 Tc 0 Tw 12 0 0 12 54 333 Tm
(\225)Tj
0.001 Tc 0.011 Tw 10 0 0 10 72 333 Tm
(Take a look at the complexity of pension laws)Tj
0 Tc 0 Tw 12 0 0 12 54 318 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 318 Tm
(Lower the tax rate on money removed in retirement from savings plans)Tj
0 Tw 12 0 0 12 54 303 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 72 303 Tm
(Cut complexity for small businesses)Tj
0 Tc 0 Tw 12 0 0 12 54 288 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 288 Tm
(Eliminate the double-taxation of savings)Tj
0 Tc 0 Tw 12 0 0 12 54 273 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 72 273 Tm
(Reduce the tax burden to increase disposable income)Tj
0 Tc 0 Tw 12 0 0 12 54 258 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 258 Tm
(Lead by example in terms of how public sector workers are treated with r\
etirement plans)Tj
0 Tc 0 Tw 12 0 0 12 54 243 Tm
(\225)Tj
0.05 Tw 10 0 0 10 72 243 Tm
(Employer-paid pension program)Tj
0 Tw 12 0 0 12 54 228 Tm
(\225)Tj
0.034 Tw 10 0 0 10 72 228 Tm
(Income tax exclusion on pension benefits for lower income individuals)Tj
0 Tw 12 0 0 12 54 213 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 213 Tm
(Change the estate tax treatment of pension benefits)Tj
0 Tc 0 Tw 12 0 0 12 54 198 Tm
(\225)Tj
0.055 Tw 10 0 0 10 72 198 Tm
(Encourage individual responsibility)Tj
0 Tw 12 0 0 12 54 183 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 183 Tm
(Don\222t expect employers to carry the whole load)Tj
0 Tc 0 Tw 12 0 0 12 54 168 Tm
(\225)Tj
0.054 Tw 10 0 0 10 72 168 Tm
(Better government communications, especially in non-English)Tj
0 Tw 12 0 0 12 54 153 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 153 Tm
(Policy change to decrease vesting time from five years to three years)Tj
0 Tw 12 0 0 12 54 138 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 138 Tm
(Simplify reporting requirements for plan sponsors)Tj
0 Tw 12 0 0 12 54 123 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 123 Tm
(Understand the implications of the types of plans offered)Tj
0 Tc 0 Tw 12 0 0 12 54 108 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 108 Tm
(Make defined benefit plans attractive again)Tj
0 Tc 0 Tw 12 0 0 12 54 93 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 93 Tm
(Eliminate/relax 415 constraints for multiemployer plans)Tj
0 Tw 12 0 0 12 54 78 Tm
(\225)Tj
-0.001 Tc 0.063 Tw 10 0 0 10 72 78 Tm
(Mandatory universal pension)Tj
0 Tc 0 Tw 12 0 0 12 54 63 Tm
(\225)Tj
0.048 Tw 10 0 0 10 72 63 Tm
(Universal individual accounts)Tj
0 Tw 12 0 0 12 54 48 Tm
(\225)Tj
0.038 Tw 10 0 0 10 72 48 Tm
(Abolish inheritance tax)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(56)Tj
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(\225)Tj
0.048 Tw 10 0 0 10 72 733.5 Tm
(Increasing cost of higher education)Tj
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(\225)Tj
0.033 Tw 10 0 0 10 72 718.5 Tm
(Attacks on affirmative action hurting educational opportunities)Tj
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(\225)Tj
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(Use to learn to save at early ages at home and school)Tj
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(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 688.5 Tm
(Lack of employer participation as evidenced by shift from defined benefi\
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(contribution plans)Tj
/T1_1 1 Tf
0.061 Tw -1.8 -3 Td
(Barriers Faced by Employers)Tj
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0 Tc 0 Tw 12 0 0 12 54 628.5 Tm
(\225)Tj
0.001 Tc 0.01 Tw 10 0 0 10 72 628.5 Tm
(Very small businesses \(under 25 workers\) need a tax benefit)Tj
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(\225)Tj
0.033 Tw 10 0 0 10 72 613.5 Tm
(Regulations and the accompanying penalties are a deterrent)Tj
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(\225)Tj
0.042 Tw 10 0 0 10 72 598.5 Tm
(Need incentives and fewer regulations)Tj
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(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 583.5 Tm
(Need reasonable compliance standards)Tj
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(\225)Tj
0.031 Tw 10 0 0 10 72 568.5 Tm
(Complex laws and regulations, and the accompanying costs)Tj
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(\225)Tj
0.022 Tw 10 0 0 10 72 553.5 Tm
(Employers need education so they can choose the plan that is the best fi\
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(\225)Tj
0.032 Tw 10 0 0 10 72 538.5 Tm
(High employee turnover is a deterrent to offering a plan)Tj
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(\225)Tj
0.028 Tw 10 0 0 10 72 523.5 Tm
(Cost of determining taxes; high taxes; high liability insurance rates; h\
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(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 508.5 Tm
(Shift to equities in retirement accounts and the increased cost of equit\
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(\225)Tj
0.028 Tw 10 0 0 10 72 493.5 Tm
(Lack of employee interest; employee demand will motivate employers)Tj
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(\225)Tj
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(Employer contributions will motivate workers)Tj
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(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 463.5 Tm
(Need education of employers as well as employees)Tj
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(\225)Tj
0.015 Tw 10 0 0 10 72 448.5 Tm
(Employee mobility leads to lack of demand)Tj
0 Tw 12 0 0 12 54 433.5 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 433.5 Tm
(When companies offer plans, they need to establish trust that the benefi\
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0 Tw 12 0 0 12 54 418.5 Tm
(\225)Tj
0.021 Tw 10 0 0 10 72 418.5 Tm
(Worry about education crossing line into advice and the legal liability \
that then follows)Tj
0 Tw 12 0 0 12 54 403.5 Tm
(\225)Tj
0.038 Tw 10 0 0 10 72 403.5 Tm
(Lack of employer/employee loyalty due to frequent job change)Tj
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(\225)Tj
0.038 Tw 10 0 0 10 72 388.5 Tm
(Employers are shifting burden to employees; employer contributions have\
gone down; often contribute)Tj
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(only via a match if worker first contributes)Tj
0 Tc 0 Tw 12 0 0 12 54 358.5 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 358.5 Tm
(Lack of resources among small employers and employees prefer training if\
forced to choose)Tj
0 Tc 0 Tw 12 0 0 12 54 343.5 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 343.5 Tm
(Complexity of pension laws and regulations; cost of compliance is a pro\
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/T1_1 1 Tf
0 Tc 0.049 Tw -1.8 -3 Td
(Barriers to Increasing Public Awareness of the Value of Saving for Retir\
ement)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 298.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 298.5 Tm
(People know they should save, but they lack the ability to save; they n\
eed plans and education)Tj
0 Tw 12 0 0 12 54 283.5 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 283.5 Tm
(With diversity in the workplace, employers cannot do it all)Tj
0 Tc 0 Tw 12 0 0 12 54 268.5 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 268.5 Tm
(Need to compete with a consumption-oriented society)Tj
0 Tc 0 Tw 12 0 0 12 54 253.5 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 253.5 Tm
(Need to reach public with advertisements, especially directed at lower i\
ncome earners)Tj
0 Tc 0 Tw 12 0 0 12 54 238.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 238.5 Tm
(Lack of knowledge among public about how much is needed to retire)Tj
0 Tw 12 0 0 12 54 223.5 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 72 223.5 Tm
(People need to know how much to save)Tj
0 Tc 0 Tw 12 0 0 12 54 208.5 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 208.5 Tm
(Lack of moral outrage at things such as lotteries that prey on the most \
vulnerable)Tj
0 Tw 12 0 0 12 54 193.5 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 193.5 Tm
(Institutions that could make it happen with dollars need to step up to t\
he plate \(banks, mutual funds,)Tj
0 Tc 0.058 Tw T*
(insurance companies, etc.\))Tj
0 Tw 12 0 0 12 54 163.5 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 163.5 Tm
(Financial institutions need to develop trust)Tj
0 Tw 12 0 0 12 54 148.5 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 72 148.5 Tm
(Market failure, i.e., lack of incentives to market to low income workers\
)Tj
0 Tc 0 Tw 12 0 0 12 54 133.5 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 133.5 Tm
(IRC section 415 can penalize low-income workers at the time of retiremen\
t)Tj
0 Tw 12 0 0 12 54 118.5 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 72 118.5 Tm
(People expect the government to take care of them if they don\222t do it\
themselves; this results in a lack)Tj
0.1 Tw T*
(of urgency)Tj
0 Tc 0 Tw 12 0 0 12 54 88.5 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 88.5 Tm
(Don\222t teach thrift to kids)Tj
0 Tc 0 Tw 12 0 0 12 54 73.5 Tm
(\225)Tj
0.018 Tw 10 0 0 10 72 73.5 Tm
(Sec. 415 can limit what people can legally save in a plan at work)Tj
0 Tw 12 0 0 12 54 58.5 Tm
(\225)Tj
0.021 Tw 10 0 0 10 72 58.5 Tm
(Need it to become a true national priority)Tj
-0.001 Tc 9 0 0 9 35 21.5 Tm
(55)Tj
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12 0 0 12 54 737 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 737 Tm
(Get the mass media to buy into the importance of savings and a savings c\
ampaign)Tj
0 Tc 0 Tw 12 0 0 12 54 722 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 722 Tm
(Media has already started to give public service announcement time)Tj
0 Tw 12 0 0 12 54 707 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 707 Tm
(Every form of media needs to be involved some form of partnership betwee\
n the groups)Tj
0 Tc 0 Tw 12 0 0 12 54 692 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 692 Tm
(Universities should create savings education programs not only for the s\
tudents but for the community)Tj
-0.011 Tc 0 -1.5 TD
(also)Tj
0 Tc 0 Tw 12 0 0 12 54 662 Tm
(\225)Tj
0.018 Tw 10 0 0 10 72 662 Tm
(It is a big job to reach out to all people, so all individuals need to g\
o face to face with people to convince)Tj
0.028 Tw T*
(them of the importance of savings)Tj
0 Tw 12 0 0 12 54 632 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 632 Tm
(Recognizable symbol to reinforce the importance of savings, a \223gold r\
ibbon\224 and bumper stickers, etc)Tj
0 Tc 0 Tw 12 0 0 12 54 617 Tm
(\225)Tj
0.001 Tc 0.012 Tw 10 0 0 10 72 617 Tm
(Simple statement of IRA and pension rules with tax forms)Tj
0 Tc 0 Tw 12 0 0 12 54 602 Tm
(\225)Tj
0.038 Tw 10 0 0 10 72 602 Tm
(Create coalitions such as those through Good Housekeeping Magazine)Tj
0 Tw 12 0 0 12 54 587 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 587 Tm
(Keep all participants connected to continue to work on the goals of the \
Summit, the Summit report)Tj
0.001 Tc 0.029 Tw T*
(should contain a clearinghouse so this can be done)Tj
0 Tc 0 Tw 12 0 0 12 54 557 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 557 Tm
(Communicate the idea to keep it out there)Tj
0 Tw 12 0 0 12 54 542 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 542 Tm
(Establish a network that can work to achieve savings goals)Tj
0 Tw 12 0 0 12 54 527 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 527 Tm
(Let people know now where to go; don\222t make them go look for it)Tj
0 Tc 0 Tw 12 0 0 12 54 512 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 512 Tm
(Get state governments involved to create competition among states)Tj
0 Tw 12 0 0 12 54 497 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 497 Tm
(State regulators work to promote every high school student understand fi\
nancial basics)Tj
0 Tw 12 0 0 12 54 482 Tm
(\225)Tj
0.001 Tc 0.013 Tw 10 0 0 10 72 482 Tm
(A simple test of regulation changes: does it help low, moderate, or lim\
ited income increase savings)Tj
0 Tc 0 Tw 12 0 0 12 54 467 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 467 Tm
(Regulation changes should include all income groups to increase savings)Tj
0 Tw 12 0 0 12 54 452 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 452 Tm
(Education should just be on savings but also on the much neglected need \
for pay-out phase education)Tj
/T1_1 1 Tf
0.05 Tw -1.8 -4.5 Td
(D. Light Blue Group)Tj
0 Tc 0.079 Tw T*
(Barriers Faced by Individuals)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 377 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 377 Tm
(High taxes make it hard to save \(need to cut wasteful government spendi\
ng\))Tj
0 Tw 12 0 0 12 54 362 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 362 Tm
(Lack of knowledge/skill base at the individual level)Tj
0 Tw 12 0 0 12 54 347 Tm
(\225)Tj
0.018 Tw 10 0 0 10 72 347 Tm
(Falling real incomes since the 1970s)Tj
0 Tw 12 0 0 12 54 332 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 332 Tm
(Better individual savings vehicles needed; plus people need education t\
o help them manage these)Tj
0 Tw 12 0 0 12 54 317 Tm
(\225)Tj
0.037 Tw 10 0 0 10 72 317 Tm
(Absence of commitment to a high-wage economy)Tj
0 Tw 12 0 0 12 54 302 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 302 Tm
(Lack of focus by individuals on retirement savings)Tj
0 Tw 12 0 0 12 54 287 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 287 Tm
(Lack of disposable income, especially for women and minorities)Tj
0 Tc 0 Tw 12 0 0 12 54 272 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 272 Tm
(Society is focused on consumption, not thrift; there is a lack of teach\
ing on thrift)Tj
0 Tc 0 Tw 12 0 0 12 54 257 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 72 257 Tm
(Need to raise expectations at the community level, especially minority c\
ommunities)Tj
0 Tc 0 Tw 12 0 0 12 54 242 Tm
(\225)Tj
0.02 Tw 10 0 0 10 72 242 Tm
(People do not have the dollars to save; some live beyond their means; \
misuse of credit; lack of access)Tj
0.002 Tc 0.022 Tw T*
(to \223discount\224 stores for many)Tj
0 Tc 0 Tw 12 0 0 12 54 212 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 212 Tm
(Education that helps people understand how much is needed)Tj
0 Tw 12 0 0 12 54 197 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 72 197 Tm
(Mandatory saving needed for those who lack means)Tj
0 Tc 0 Tw 12 0 0 12 54 182 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 182 Tm
(Lack of opportunity in the workplace)Tj
0 Tw 12 0 0 12 54 167 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 167 Tm
(Mindset stuck in parents\222 defined benefit world where workers were ta\
ken care of; people do not under-)Tj
0 Tc 0.031 Tw T*
(stand that they are largely on their own now)Tj
0 Tw 12 0 0 12 54 137 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 137 Tm
(Lack of appreciation for shift in risk with growth of defined contributi\
on plans; need continued role for)Tj
0.022 Tw T*
(defined benefit plans)Tj
0 Tc 0 Tw 12 0 0 12 54 107 Tm
(\225)Tj
0.033 Tw 10 0 0 10 72 107 Tm
(Tax structure encourages binge buying at refund time)Tj
0 Tw 12 0 0 12 54 92 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 92 Tm
(Lack of group structure to help part-time workers)Tj
0 Tc 0 Tw 12 0 0 12 54 77 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 77 Tm
(Need portability and need to discourage spending of premature distributi\
ons from plans)Tj
0 Tw 12 0 0 12 54 62 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 62 Tm
(Women and minorities face special economic challenges \(such as lack of \
insurance and access to credit\))Tj
0 Tc 0 Tw 12 0 0 12 54 47 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 47 Tm
(Lack of family and societal commitment to the idea that everyone can sav\
e)Tj
-0.001 Tc 9 0 0 9 567 21.5 Tm
(54)Tj
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(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 735 Tm
(Tap expertise of private sector large firms to mentor small firms)Tj
0 Tc 0 Tw 12 0 0 12 54 720 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 720 Tm
(Allow the free enterprise of all retirement products)Tj
0 Tw 12 0 0 12 54 705 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 705 Tm
(Make rules easier to offer pension plans)Tj
0 Tc 0 Tw 12 0 0 12 54 690 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 690 Tm
(Immigrant aid groups create pools of individuals that lead to the creati\
ons of credit unions)Tj
0 Tw 12 0 0 12 54 675 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 675 Tm
(Work with social services to create saving programs along with other act\
ivities for needy groups)Tj
0 Tw 12 0 0 12 54 660 Tm
(\225)Tj
0.001 Tc 0.075 Tw 10 0 0 10 72 660 Tm
(Employer education)Tj
0 Tc 0 Tw 12 0 0 12 54 645 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 645 Tm
(What are the problems? Many rules on pensions were revenue driven. Los\
s of tax deductions lead to)Tj
0.044 Tw 0 -1.5 TD
(the discouragement of savings.)Tj
0 Tw 12 0 0 12 54 615 Tm
(\225)Tj
0.001 Tc 0.013 Tw 10 0 0 10 72 615 Tm
(Mechanisms to address these issues. Summit respresents first discussion\
. Blue Ribbon bipartisan)Tj
0 Tc 0.027 Tw T*
(commission to examine all regulations to simplify but retain protections\
\227no more piece-by-piece)Tj
-0.002 Tc T*
(legislation)Tj
0 Tc 0 Tw 12 0 0 12 54 570 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 72 570 Tm
(Governments use taxes and lotteries that discourage savings)Tj
0 Tc 0 Tw 12 0 0 12 54 555 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 555 Tm
(Savings campaigns have been pieces here and there no focus on top, no le\
adership to coordinate efforts)Tj
0.025 Tw T*
(to develop key messages and programs)Tj
0 Tw 12 0 0 12 54 525 Tm
(\225)Tj
0.039 Tw 10 0 0 10 72 525 Tm
(Several government agencies with conflicting rules regulate pensions. O\
ne pension agency would be of)Tj
0.019 Tw T*
(great use. Presently, the agencies compete instead of cooperating)Tj
0 Tw 12 0 0 12 54 495 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 495 Tm
(Caution on Blue Ribbon commission, since a 1980s task force had 200 reco\
mmendations but none were)Tj
0.001 Tc 0.015 Tw T*
(implemented. Not lack of ideas; a lack of action)Tj
0 Tc 0 Tw 12 0 0 12 54 465 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 72 465 Tm
(Need large groups of people to look at these issues, so everybody has a \
part in the process, not a small)Tj
0 Tc 0.045 Tw T*
(group of experts)Tj
0 Tw 12 0 0 12 54 435 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 435 Tm
(Create tax incentives to save other than through pensions, that go strai\
ght to the individual to avoid)Tj
0.001 Tc 0.045 Tw T*
(pension complexities)Tj
0 Tc 0 Tw 12 0 0 12 54 405 Tm
(\225)Tj
0.038 Tw 10 0 0 10 72 405 Tm
(Complete tax structure changes to encourage savings, not discourage it)Tj
0 Tw 12 0 0 12 54 389.5 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 389.5 Tm
(Social service programs can teach workshops for low-income workers; have\
had some success with)Tj
0 Tc T*
(women in increasing their savings from these workshops that have made sa\
vings understandable)Tj
0 Tw 12 0 0 12 54 359.5 Tm
(\225)Tj
0.034 Tw 10 0 0 10 72 359.5 Tm
(Section 8 housing programs could include teaching money management class\
es and the importance of)Tj
0.003 Tc T*
(savings)Tj
0 Tc 0 Tw 12 0 0 12 54 329.5 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 329.5 Tm
(Create TIAA-CREF model pensions for portability for small employers)Tj
0 Tw 12 0 0 12 54 314.5 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 314.5 Tm
(Self-sufficiency education for welfare families should include savings e\
ducation)Tj
0 Tw 12 0 0 12 54 299.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 299.5 Tm
(American Savings Education Council \(ASEC\) has a clearinghouse of educa\
tion materials on savings)Tj
0 Tw 12 0 0 12 54 284.5 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 72 284.5 Tm
(Jump$tart Coalition teaches children grades K-12 basic principles of sav\
ings; it is a bipartisan partner-)Tj
0 Tc 0.02 Tw T*
(ship of public and private entities and is expanding its reach)Tj
0 Tw 12 0 0 12 54 254.5 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 254.5 Tm
(Summit Report should contain an action agenda and measurable goals to se\
e results for 2001)Tj
0 Tw 12 0 0 12 54 239.5 Tm
(\225)Tj
0.012 Tw 10 0 0 10 72 239.5 Tm
(Goals need to be set)Tj
0 Tw 12 0 0 12 54 224.5 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 224.5 Tm
(Establishing benchmarks to compare results of various groups and subsets\
on progress in saving, such)Tj
0 Tc T*
(as increasing the private savings rate from 5.5 percent to 8 percent. I\
ncrease small employer pension)Tj
0.022 Tw T*
(plan participation from 20 percent to 25 percent)Tj
0 Tw 12 0 0 12 54 179.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 179.5 Tm
(Middle income tend to the better savers, so education really needs to ad\
dress all income categories)Tj
0 Tc 0 Tw 12 0 0 12 54 164.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 164.5 Tm
(Focus on particular areas)Tj
0 Tc 0 Tw 12 0 0 12 54 149.5 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 149.5 Tm
(Incentives such as large employer matches get individuals to participate\
)Tj
0 Tw 12 0 0 12 54 134.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 134.5 Tm
(Labor unions will continue to work for the expansion of defined benefit \
pension plans and higher wages)Tj
0.014 Tw T*
(as well as all pensions in general)Tj
0 Tc 0 Tw 12 0 0 12 54 104.5 Tm
(\225)Tj
0.016 Tw 10 0 0 10 72 104.5 Tm
(A call for all Summit participants in various sectors and organizations \
to do the same)Tj
0 Tw 12 0 0 12 54 89.5 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 72 89.5 Tm
(Pension rules need to be simplified, clarified and measured)Tj
0 Tc 0 Tw 12 0 0 12 54 74.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 74.5 Tm
(Create trust between employers and employees)Tj
0 Tc 0 Tw 12 0 0 12 54 59.5 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 59.5 Tm
(Communicate a message on the importance of savings)Tj
0 Tc 0 Tw 12 0 0 12 54 44.5 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 44.5 Tm
(Establish a marketing campaign that includes different messages for diff\
erent groups)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(53)Tj
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12 0 0 12 54 735 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 735 Tm
(Need to counter self-gratification culture and delay purchases to be bet\
ter off in the future)Tj
0 Tw 12 0 0 12 54 720 Tm
(\225)Tj
0.001 Tc 0.027 Tw 10 0 0 10 72 720 Tm
(It is too easy to spend retirement savings when changing jobs.)Tj
0 Tc 0 Tw 12 0 0 12 54 705 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 72 705 Tm
(Rules are too complex to start saving and too liberal to take out of sav\
ings accounts. IRAs should be for)Tj
0.062 Tw 0 -1.5 TD
(retirement\227thus their name.)Tj
0 Tc 0 Tw 12 0 0 12 54 675 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 675 Tm
(Individuals who do spend their retirement money instead of rolling it ov\
er do not realize the full taxes)Tj
0.014 Tw T*
(on withdrawals until it is too late.)Tj
0 Tw 12 0 0 12 54 645 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 645 Tm
(Hard to put the abstract need to save for retirement into concrete need)Tj
0 Tc 0 Tw 12 0 0 12 54 630 Tm
(\225)Tj
0.034 Tw 10 0 0 10 72 630 Tm
(People do not think they are going to live long enough to need the money\
)Tj
0 Tw 12 0 0 12 54 615 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 615 Tm
(Do not set goals, therefor no action)Tj
0 Tc 0 Tw 12 0 0 12 54 600 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 600 Tm
(Who should be educated to save? Baby boomers could be a model for every\
one to learn from)Tj
0 Tc 0 Tw 12 0 0 12 54 585 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 585 Tm
(People avoid savings because they have a math phobia)Tj
0 Tw 12 0 0 12 54 570 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 570 Tm
(Do not want to think about being old)Tj
/T1_1 1 Tf
0.054 Tw -1.8 -3 Td
(Barriers to Offer Pensions: Employers)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 525 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 72 525 Tm
(People do not have the ability to participate because of what the employ\
er does)Tj
0 Tc 0 Tw 12 0 0 12 54 510 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 510 Tm
(Educate employers on the need to offer pension plans\227it makes good bu\
siness sense)Tj
0 Tw 12 0 0 12 54 495 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 495 Tm
(Mergers of companies lead to payouts, since the rules to integrate the p\
ensions are very complex.)Tj
0 Tw 12 0 0 12 54 480 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 72 480 Tm
(Is the money really there when the employer changes providers?)Tj
0 Tc 0 Tw 12 0 0 12 54 465 Tm
(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 72 465 Tm
(Lack trust in employer\222s use of the employee\222s money)Tj
0 Tc 0 Tw 12 0 0 12 54 450 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 450 Tm
(Media helps create uneasiness by focusing on the 0.01 percent of bad 401\
\(k\) plans when 99.99 percent)Tj
-0.001 Tc 0.063 Tw T*
(are run correctly)Tj
0 Tc 0 Tw 12 0 0 12 54 420 Tm
(\225)Tj
0.001 Tc 0.015 Tw 10 0 0 10 72 420 Tm
(Small companies scared off by all the rules to offer a plan)Tj
0 Tc 0 Tw 12 0 0 12 54 405 Tm
(\225)Tj
0.001 Tc 0.032 Tw 10 0 0 10 72 405 Tm
(Income discrimination rules scare off employers)Tj
0 Tc 0 Tw 12 0 0 12 54 389.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 389.5 Tm
(The reporting requirements do so also)Tj
0 Tc 0 Tw 12 0 0 12 54 374.5 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 374.5 Tm
(Large employers have the resources to overcome the complicated rules so \
they are able to offer pensions)Tj
0.028 Tw T*
(whereas small companies do not have the resources)Tj
0 Tw 12 0 0 12 54 344.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 344.5 Tm
(Difficult to merge plans)Tj
0 Tc 0 Tw 12 0 0 12 54 329.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 329.5 Tm
(If the plan does something wrong the penalties are too large)Tj
0 Tw 12 0 0 12 54 314.5 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 314.5 Tm
(The rules are more complex for defined benefit plans, thus their use is \
discouraged)Tj
0 Tc 0 Tw 12 0 0 12 54 299.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 299.5 Tm
(Employers need to work with government to address the pension system ins\
tead of being at odds with it)Tj
0 Tc 0 Tw 12 0 0 12 54 284.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 284.5 Tm
(Employers have fear of unknown rulings that can lead them to liability f\
or actions that seem correct)Tj
0 Tc 0 Tw 12 0 0 12 54 269.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 269.5 Tm
(The owner of the company must care about retirement savings and recogniz\
e that to retain and recruit)Tj
0.001 Tc 0.036 Tw T*
(employees pensions are necessary)Tj
0 Tc 0 Tw 12 0 0 12 54 239.5 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 239.5 Tm
(Small employers are particularly concerned about liability for a loss to\
the retiree and not enough of a)Tj
0.01 Tc T*
(return)Tj
0 Tc 0 Tw 12 0 0 12 54 209.5 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 209.5 Tm
(Employees prefer medical and cash benefits)Tj
0 Tc 0 Tw 12 0 0 12 54 194.5 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 194.5 Tm
(This tends to vary by occupation)Tj
0 Tc 0 Tw 12 0 0 12 54 179.5 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 179.5 Tm
(First benefit desired is health, but it is not either/or)Tj
0 Tc 0 Tw 12 0 0 12 54 164.5 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 164.5 Tm
(However, the cost of health care drives out pensions)Tj
0 Tc 0 Tw 12 0 0 12 54 149.5 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 149.5 Tm
(Many of the changes to the pension rules makes it more difficult to stay\
qualified and are costly to)Tj
0.002 Tc 0.05 Tw T*
(comply with)Tj
0 Tc 0 Tw 12 0 0 12 54 119.5 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 119.5 Tm
(Four sets of rules for different types of employers limit portability)Tj
/T1_1 1 Tf
0.01 Tc -1.8 -3 Td
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0 Tw 12 0 0 12 54 74.5 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 74.5 Tm
(Combine small employers to cut down on administrative costs)Tj
0 Tc 0 Tw 12 0 0 12 54 59.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 59.5 Tm
(Savings Co-ops)Tj
-0.001 Tc 9 0 0 9 566.5 21.5 Tm
(52)Tj
ET
endstream
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<>
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318 0 obj
<>stream
0 0 0 1 K
/GS0 gs
q 1 0 0 1 36 756.5 cm
0 0 m
540 0 l
0 -720 m
540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
12 0 0 12 54 733.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 733.5 Tm
(Self-induced desire for more and better items)Tj
0 Tc 0 Tw 12 0 0 12 54 718.5 Tm
(\225)Tj
0.032 Tw 10 0 0 10 72 718.5 Tm
(Affordability when already live month to month)Tj
0 Tw 12 0 0 12 54 703.5 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 703.5 Tm
(Limitations for higher income individuals and no catch up provisions in \
either IRAs or pensions)Tj
0 Tw 12 0 0 12 54 688.5 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 688.5 Tm
(Setting priorities in order to make retirement savings achievable)Tj
0 Tw 12 0 0 12 54 673.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 673.5 Tm
(Lack confidence that small amounts can make a difference)Tj
0 Tw 12 0 0 12 54 658.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 658.5 Tm
(A lack of education\227do not know how much to save or how to save.)Tj
0 Tc 0 Tw 12 0 0 12 54 643.5 Tm
(\225)Tj
0.001 Tc 0.021 Tw 10 0 0 10 72 643.5 Tm
(A theme emerging of a lack of motivation, restrictions on savings, and a\
lack of education on how, when,)Tj
0.037 Tw 0 -1.5 TD
(what, where, and why to save)Tj
0 Tc 0 Tw 12 0 0 12 54 613.5 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 613.5 Tm
(Some individuals live on cash, no checking accounts because they are afr\
aid of banks and schools do not)Tj
0.033 Tw T*
(teach simple checkbook use)Tj
0 Tw 12 0 0 12 54 583.5 Tm
(\225)Tj
0.001 Tc 0.022 Tw 10 0 0 10 72 583.5 Tm
(Disagree with motivation to save, people will save for a car, house, etc\
., not for retirement)Tj
0 Tc 0 Tw 12 0 0 12 54 568.5 Tm
(\225)Tj
0.001 Tc 0.034 Tw 10 0 0 10 72 568.5 Tm
(Saving is even good for low-income people)Tj
0 Tc 0 Tw 12 0 0 12 54 553.5 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 553.5 Tm
(Need to teach responsibility for oneself for retirement and health needs\
)Tj
0 Tc 0 Tw 12 0 0 12 54 538.5 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 538.5 Tm
(Credit card education\227individuals consume and spend, buying into mess\
ages of having to have every-)Tj
0.027 Tw T*
(thing but not learning until after the fact the difficulty of paying bac\
k the credit card loan)Tj
0 Tw 12 0 0 12 54 508.5 Tm
(\225)Tj
0.001 Tc 0.031 Tw 10 0 0 10 72 508.5 Tm
(Baby Boomers and Generation X need different types of education)Tj
0 Tc 0 Tw 12 0 0 12 54 493.5 Tm
(\225)Tj
0.002 Tc 0.022 Tw 10 0 0 10 72 493.5 Tm
(Learn the 8)Tj
0 Tc 5.45 0.5 Td
(th)Tj
0.024 Tw 1 -0.5 Td
( Wonder of the World\227Compound Interest)Tj
0 Tw 12 0 0 12 54 478.5 Tm
(\225)Tj
0.021 Tw 10 0 0 10 72 478.5 Tm
(Need Savings Clubs and stamp books to bring back thinking about savings)Tj
0 Tw 12 0 0 12 54 463.5 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 463.5 Tm
(In Massachusetts, 11 banks match with schools to have children open bank\
accounts and learn the)Tj
0.029 Tw T*
(basics of economics and embrace math through the use of money)Tj
0 Tw 12 0 0 12 54 433.5 Tm
(\225)Tj
0.001 Tc 0.026 Tw 10 0 0 10 72 433.5 Tm
(People say the schools should do it, but that is not enough; everybody n\
eeds to help educate and banks,)Tj
0.021 Tw T*
(etc. should be going to schools to teach basics of savings)Tj
0 Tc 0 Tw 12 0 0 12 54 403.5 Tm
(\225)Tj
0.015 Tw 10 0 0 10 72 403.5 Tm
(Too complicated to save; need simplification and the challenge to do so \
is difficult with the many compli-)Tj
0.004 Tc T*
(cations)Tj
0 Tc 0 Tw 12 0 0 12 54 373.5 Tm
(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 373.5 Tm
(Process is complicated, how to do it , the forms to fill out the choices\
to make)Tj
0 Tc 0 Tw 12 0 0 12 54 358.5 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 358.5 Tm
(Understand the need but they do not have the desire and have fear of doi\
ng it wrong)Tj
0 Tw 12 0 0 12 54 343.5 Tm
(\225)Tj
0.03 Tw 10 0 0 10 72 343.5 Tm
(Students graduate with large debt which forces them into the credit card\
cycle)Tj
0 Tw 12 0 0 12 54 328.5 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 328.5 Tm
(Parents do not teach the importance of saving)Tj
0 Tc 0 Tw 12 0 0 12 54 313.5 Tm
(\225)Tj
0.018 Tw 10 0 0 10 72 313.5 Tm
(There is not a savings ethic in this country, and beyond that people do \
not have strategies to accomplish)Tj
0.003 Tc T*
(savings)Tj
0 Tc 0 Tw 12 0 0 12 54 283.5 Tm
(\225)Tj
0.035 Tw 10 0 0 10 72 283.5 Tm
(Do not know where to put the money)Tj
0 Tw 12 0 0 12 54 268.5 Tm
(\225)Tj
0.039 Tw 10 0 0 10 72 268.5 Tm
(Companies or individuals are concerned when teaching becomes advising)Tj
0 Tw 12 0 0 12 54 253.5 Tm
(\225)Tj
0.034 Tw 10 0 0 10 72 253.5 Tm
(Even though there is regulation, investments scams still occur)Tj
0 Tw 12 0 0 12 54 238.5 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 238.5 Tm
(There are curriculums to savings education, but teachers are not comfort\
able teaching them)Tj
0 Tw 12 0 0 12 54 223.5 Tm
(\225)Tj
0.001 Tc 0.012 Tw 10 0 0 10 72 223.5 Tm
(In many, cases teachers are pressed just to accomplish teaching the thre\
e R\222s; difficult to add in savings)Tj
0.006 Tc T*
(education)Tj
0 Tc 0 Tw 12 0 0 12 54 193.5 Tm
(\225)Tj
0.033 Tw 10 0 0 10 72 193.5 Tm
(Plenty of informal education on violence, drugs, etc. but nothing on sav\
ings no positive media portrayal)Tj
-0.002 Tc 0.04 Tw T*
(of saving)Tj
0 Tc 0 Tw 12 0 0 12 54 163.5 Tm
(\225)Tj
0.021 Tw 10 0 0 10 72 163.5 Tm
(People do not have time to learn or do not take the time to learn about \
saving)Tj
0 Tw 12 0 0 12 54 148.5 Tm
(\225)Tj
0.021 Tw 10 0 0 10 72 148.5 Tm
(Education needs to be simple; otherwise people will be embarrassed to as\
k questions or pursue further)Tj
0.006 Tc T*
(education)Tj
0 Tc 0 Tw 12 0 0 12 54 118.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 118.5 Tm
(People do know why to save or what is needed)Tj
0 Tw 12 0 0 12 54 103.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 103.5 Tm
(Figures that are thrown out by investment companies about what baby boom\
ers need to save ares large)Tj
T*
(and sound like potentially unrealistic and unattainable numbers)Tj
0 Tw 12 0 0 12 54 73.5 Tm
(\225)Tj
0.001 Tc 0.023 Tw 10 0 0 10 72 73.5 Tm
(These numbers are supposed to scare people into action, but in many case\
s scare people into inaction)Tj
0 Tc 0 Tw 12 0 0 12 54 58.5 Tm
(\225)Tj
0.001 Tc 0.019 Tw 10 0 0 10 72 58.5 Tm
(Fear of retirement needs leads to futility and hopelessness)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(51)Tj
ET
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316 0 obj
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0 0 0 1 K
/GS0 gs
q 1 0 0 1 36 755.5 cm
0 0 m
540 0 l
0 -720 m
540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
12 0 0 12 54 737 Tm
(\225)Tj
0.001 Tc 0.036 Tw 10 0 0 10 72 737 Tm
(Payroll deductions increase participation)Tj
0 Tc 0 Tw 12 0 0 12 54 722 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 722 Tm
(Provide tax credit for immediate gratification to employers who particip\
ate)Tj
0 Tw 12 0 0 12 54 707 Tm
(\225)Tj
0.047 Tw 10 0 0 10 72 707 Tm
(Augment power of employer fund matching)Tj
0 Tw 12 0 0 12 54 692 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 692 Tm
(Employers should mandate participation)Tj
0 Tw 12 0 0 12 54 677 Tm
(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 72 677 Tm
(Private sector should study\227then provide data on what works best)Tj
0 Tc 0 Tw 12 0 0 12 54 662 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 662 Tm
(Resolve portability problems with defined benefit plans and readdress th\
em\227they work. Particularly)Tj
0.001 Tc 0.02 Tw 0 -1.5 TD
(when simple. And they work for lower-income employees. Add defined con\
tribution as \2233)Tj
0.016 Tc 5.8 0 0 5.8 489 650.5 Tm
(rd)Tj
0.001 Tc 0.021 Tw 10 0 0 10 495 647 Tm
( leg of stool\224)Tj
0 Tc 0 Tw 12 0 0 12 54 632 Tm
(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 72 632 Tm
(Offer pay raises, then encourage employees to invest them)Tj
0 Tc 0 Tw 12 0 0 12 54 617 Tm
(\225)Tj
0.001 Tc 0.055 Tw 10 0 0 10 72 617 Tm
(Reverse match)Tj
0 Tc 0 Tw 12 0 0 12 54 602 Tm
(\225)Tj
0.073 Tw 10 0 0 10 72 602 Tm
(Automatic enrollment-negative consent)Tj
0 Tw 12 0 0 12 54 587 Tm
(\225)Tj
0.014 Tw 10 0 0 10 72 587 Tm
(For small employers: simple, easy, portable, safe incentives, with safe \
harbors and adequate protection)Tj
0 Tw 12 0 0 12 54 572 Tm
(\225)Tj
0.02 Tw 10 0 0 10 72 572 Tm
(Need \223catch up capability\224)Tj
0 Tw 12 0 0 12 54 557 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 557 Tm
(Need higher dollar limits)Tj
0 Tw 12 0 0 12 54 542 Tm
(\225)Tj
0.023 Tw 10 0 0 10 72 542 Tm
(How about a universal 401\(k\)?)Tj
0 Tw 12 0 0 12 54 527 Tm
(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 527 Tm
(Raise cashout penalties to encourage preservation of funds)Tj
0 Tc 0 Tw 12 0 0 12 54 512 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 512 Tm
(Have credit card companies provide 1% savings incentives to users)Tj
0 Tw 12 0 0 12 54 497 Tm
(\225)Tj
0.001 Tc 0.016 Tw 10 0 0 10 72 497 Tm
(In 457 plan, offer match \($300\) to increase participation rates)Tj
/T1_1 1 Tf
0 Tc 0.037 Tw -1.8 -3 Td
(What can the public sector do?)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 452 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 452 Tm
(Increase monetary limits on all plans)Tj
0 Tw 12 0 0 12 54 437 Tm
(\225)Tj
0.019 Tw 10 0 0 10 72 437 Tm
(Find out if tax expenditures tradeoffs help all Americans or just the we\
althy)Tj
0 Tw 12 0 0 12 54 422 Tm
(\225)Tj
0.028 Tw 10 0 0 10 72 422 Tm
(Social Security is mandatory; make private pensions mandatory)Tj
0 Tw 12 0 0 12 54 407 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 407 Tm
(The federal thrift savings plan mandates education for all federal worke\
rs- some type of incentives need)Tj
0 Tc 0.029 Tw T*
(to be developed to encourage other employers to do likewise)Tj
0 Tw 12 0 0 12 54 377 Tm
(\225)Tj
-0.001 Tc 0.045 Tw 10 0 0 10 72 377 Tm
(Lower taxes)Tj
0 Tc 0 Tw 12 0 0 12 54 362 Tm
(\225)Tj
0.029 Tw 10 0 0 10 72 362 Tm
(Fix Social Security without raising taxes)Tj
0 Tw 12 0 0 12 54 347 Tm
(\225)Tj
0.001 Tc 0.055 Tw 10 0 0 10 72 347 Tm
(Streamline regulations)Tj
0 Tc 0 Tw 12 0 0 12 54 332 Tm
(\225)Tj
0.048 Tw 10 0 0 10 72 332 Tm
(Provide incentives\227people will respond)Tj
0 Tw 12 0 0 12 54 317 Tm
(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 72 317 Tm
(Change vesting from five to three years to help women and minorities)Tj
0 Tc 0 Tw 12 0 0 12 54 302 Tm
(\225)Tj
0.027 Tw 10 0 0 10 72 302 Tm
(Lower litigation risk so people can get not only education, but advice)Tj
0 Tw 12 0 0 12 54 287 Tm
(\225)Tj
0.016 Tw 10 0 0 10 72 287 Tm
(Tax all income only once)Tj
0 Tw 12 0 0 12 54 272 Tm
(\225)Tj
0.001 Tc 0.02 Tw 10 0 0 10 72 272 Tm
(Adjust original 1944 personal exemption for inflation \(would be about $\
9,000 per person\) to make more)Tj
0 Tc 0.023 Tw T*
(money available for individuals to invest)Tj
0 Tw 12 0 0 12 54 242 Tm
(\225)Tj
0.017 Tw 10 0 0 10 72 242 Tm
(Allow FICA contributions to be deducted)Tj
0 Tw 12 0 0 12 54 227 Tm
(\225)Tj
0.001 Tc 0.04 Tw 10 0 0 10 72 227 Tm
(For lower-income workers, give a government match or tax credit)Tj
0 Tc 0 Tw 12 0 0 12 54 212 Tm
(\225)Tj
0.055 Tw 10 0 0 10 72 212 Tm
(Income payroll deduction incentives)Tj
/T1_1 1 Tf
0.002 Tc 0.05 Tw -1.8 -3 Td
(C. Green Group)Tj
/T1_0 1 Tf
0.001 Tc 0.032 Tw T*
(The order is strictly by occurrence and does not imply importance.)Tj
/T1_1 1 Tf
0 Tc 0.068 Tw T*
(Barriers to Save for Retirement: Individuals)Tj
/T1_0 1 Tf
0 Tw 12 0 0 12 54 137 Tm
(\225)Tj
0.025 Tw 10 0 0 10 72 137 Tm
(No motivation to save for retirement)Tj
0 Tw 12 0 0 12 54 122 Tm
(\225)Tj
0.024 Tw 10 0 0 10 72 122 Tm
(Barely make ends meet)Tj
0 Tw 12 0 0 12 54 107 Tm
(\225)Tj
0.001 Tc 0.025 Tw 10 0 0 10 72 107 Tm
(High tax rates)Tj
0 Tc 0 Tw 12 0 0 12 54 92 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 72 92 Tm
(Pension plan restrictions and lack of availability)Tj
0 Tc 0 Tw 12 0 0 12 54 77 Tm
(\225)Tj
0.001 Tc -0.02 Tw 10 0 0 10 72 77 Tm
(IRA restrictions)Tj
0 Tc 0 Tw 12 0 0 12 54 62 Tm
(\225)Tj
0.022 Tw 10 0 0 10 72 62 Tm
(No other tax breaks for savings other IRAs that individuals can do by th\
emselves)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(50)Tj
ET
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/GS0 gs
q 1 0 0 1 36 756.5 cm
0 0 m
540 0 l
0 -720 m
540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.001 Tc 0.085 Tw 10 0 0 10 54 733.5 Tm
(Barriers to Employers)Tj
/T1_1 1 Tf
0 Tc 0 Tw 12 0 0 12 54 718.5 Tm
(\225)Tj
0.034 Tw 10 0 0 10 72 718.5 Tm
(Litigation/fiduciary risk both in general and in regards to giving inves\
tment advice)Tj
0 Tw 12 0 0 12 54 703.5 Tm
(\225)Tj
0.043 Tw 10 0 0 10 72 703.5 Tm
(Regulation, although recent history of pension fund mismanagement unders\
cores )Tj
/T1_2 1 Tf
0.008 Tc 38.3 0 Td
(some)Tj
/T1_1 1 Tf
0.002 Tc 2.3 0 Td
( need for regula-)Tj
0.08 Tw -40.6 -1.5 Td
(tory oversight)Tj
0 Tc 0 Tw 12 0 0 12 54 673.5 Tm
(\225)Tj
0.036 Tw 10 0 0 10 72 673.5 Tm
(Company financial constraints\227no competitive advantage to sponsorship\
)Tj
0 Tw 12 0 0 12 54 658.5 Tm
(\225)Tj
0.026 Tw 10 0 0 10 72 658.5 Tm
(Complex administrative burdens to companies)Tj
0 Tw 12 0 0 12 54 643.5 Tm
(\225)Tj
0.039 Tw 10 0 0 10 72 643.5 Tm
(There are two issues: savings through pensions and encouraging personal \
savings)Tj
0 Tw 12 0 0 12 54 628.5 Tm
(\225)Tj
0.031 Tw 10 0 0 10 72 628.5 Tm
(Costs are direct, indirect, and psychological)Tj
0 Tw 12 0 0 12 54 613.5 Tm
(\225)Tj
0.004 Tc 10 0 0 10 72 613.5 Tm
(Education)Tj
0 Tc 0.035 Tw 0 -1.5 TD
[(1)-16(.)-950(Employers need to know what benefits they can gain through sponsorship)]TJ
0.029 Tw T*
[(2)-16(.)-950(Employers need to appreciate the value in human capital resources)]TJ
0.001 Tc T*
[(3)-15(.)-949(Employees would request retirement savings plans if they were better inf\
ormed)]TJ
T*
[(4)-15(.)-949(Educate in savings vs. investment options)]TJ
0.025 Tw T*
[(5)-15(.)-949(There are social taboos to talking about your financial/retirement statu\
es)]TJ
0 Tc 0.036 Tw T*
[(6)-16(.)-950(Teach kids the value of compounding\227they will teach parents)]TJ
0.028 Tw T*
[(7)-16(.)-950(Not enough highly visible examples of what happens to people who don\222\
t save for retirement)]TJ
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[(8)-15(.)-949(Social Security is relatively generous now compared to what will happen \
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(\225)Tj
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(Marketing)Tj
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[(1)-15(.)-949(Private sector does not market employer plans)]TJ
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[(2)-16(.)-950(They need multiemployer features for non/union; non/religious plans to m\
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(tive)Tj
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[(3)-15(.)-949(There would be economies of scale if the tax laws or regulations elimina\
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(broad-based participant-directed multiple employer plans.)Tj
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(\225)Tj
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(\225)Tj
0.001 Tc 0.014 Tw 10 0 0 10 72 373.5 Tm
(Estate tax laws cause small businesses to use resources to protect their\
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(\225)Tj
0.001 Tc 0.014 Tw 10 0 0 10 72 358.5 Tm
(Portability constraints: we should be able to roll over from 401\(k\) to\
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(penalty)Tj
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(\225)Tj
0.032 Tw 10 0 0 10 72 328.5 Tm
(Current law does not allow employees to put in enough money for themselv\
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(\225)Tj
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(No tax credit for employers to establish and contribute to plans)Tj
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(\225)Tj
0.035 Tw 10 0 0 10 72 298.5 Tm
(Regulations are inflexible)Tj
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0.075 Tw -1.8 -3 Td
(Barriers to increasing public awareness)Tj
/T1_1 1 Tf
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(\225)Tj
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(No sufficient media coverage for these issues)Tj
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(\225)Tj
0.03 Tw 10 0 0 10 72 238.5 Tm
(No meaningful education in this area)Tj
0.028 Tw T*
[(1)-16(.)-950(Lower-income individuals need to know you can start with small amounts)]TJ
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[(2)-16(.)-950(Education that does exist focuses on those who have money to save/invest\
)]TJ
0.001 Tc 0.045 Tw T*
[(3)-15(.)-949(Should focus on schools/colleges)]TJ
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(\225)Tj
0.026 Tw 10 0 0 10 72 178.5 Tm
(Rich people are doing the decision making on this topic for problems the\
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(\225)Tj
0.024 Tw 10 0 0 10 72 163.5 Tm
(We are not consulting with the people who actually have these problems)Tj
/T1_0 1 Tf
-0.001 Tc 0.043 Tw -1.8 -3 Td
(What can the private sector do?)Tj
/T1_1 1 Tf
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(\225)Tj
0.042 Tw 10 0 0 10 72 118.5 Tm
(Serious education effort)Tj
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[(1)-15(.)-949(Sitcoms, mass media, prime time exposure)]TJ
0.033 Tw T*
[(2)-15(.)-949(Educate employers on significance of human capital investment)]TJ
0.015 Tw T*
[(3)-15(.)-949(Create savings habit among Americans)]TJ
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[(4)-16(.)-950(Modify the \223I want money now\224 habit of employees)]TJ
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[(\225)-1194(Develop curriculum, public service announcements and media advertisement\
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(\225)Tj
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(\225)Tj
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(to their members.)Tj
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(\225)Tj
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(Encourage voluntary but automatic enrollment and contributions in retire\
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(B. Gold Group)Tj
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(Barriers to Individuals)Tj
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[(1)-16(.)-950(For many Americans, earnings and benefits are just too low)]TJ
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[(2)-15(.)-949(Many Americans are in minimum wage jobs and part-time work)]TJ
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[(3)-16(.)-950(Median household earnings is just $35,000)]TJ
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[(4)-16(.)-950(Half of all working Americans earn less than $28,000)]TJ
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[(5)-15(.)-949(Women often have episodic work experiences with time off from the labor \
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[(6)-15(.)-949(Stagnate earnings for many)]TJ
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[(\225)-1193(Individuals must be responsible)]TJ
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[(1)-15(.)-949(There is a lot of financial illiteracy among the population)]TJ
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[(2)-15(.)-949(The system incorrectly assumes that people have the necessary informatio\
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[(3)-16(.)-950(We often lack tools to choose)]TJ
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[(4)-16(.)-950(Complexity is mind boggling to some)]TJ
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[(5)-16(.)-950(On the other hand, we tend to overregulate rather than rely on individua\
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[(6)-15(.)-949(Many individuals do not enter workforce with a savings habit)]TJ
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(\225)Tj
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(Half of Americans do not have access to retirement savings plans through\
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(disincentives imposed by the government on employers.)Tj
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(\225)Tj
0.029 Tw 10 0 0 10 72 373.5 Tm
(Americans live in a culture where debt and consumption is encouraged. P\
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0.001 Tc T*
(debt.)Tj
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(\225)Tj
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(Strong need for education)Tj
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[(1)-16(.)-950(Save for what? Retirement vs. other savings options)]TJ
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[(2)-16(.)-950(Cultural and language barriers to information)]TJ
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[(3)-16(.)-950(Not enough government programs encourage savings)]TJ
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[(4)-15(.)-949(You must save before investing, and people must be educated to save. In\
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1.8 -1.5 Td
(professionals)Tj
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[(5)-16(.)-950(There is no long-term track record for 401\(k\) plans which demonstrates\
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(\225)Tj
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(Taxes)Tj
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[(1)-16(.)-950(Too high! Not enough money left to invest)]TJ
0.031 Tw T*
[(2)-16(.)-950(Current tax structure penalized savings, especially the homeowners\222 t\
ax benefit)]TJ
0.036 Tw T*
[(3)-16(.)-950(There are no tax credits for employers spending money on educating indiv\
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(\225)Tj
0.016 Tw 10 0 0 10 72 163.5 Tm
(IRA deduction rules are difficult)Tj
0.021 Tw T*
[(1)-16(.)-950(Taxes can be disincentives to individuals from having multiple savings v\
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(\225)Tj
0.027 Tw 10 0 0 10 72 133.5 Tm
(There are no national savings goals for individuals)Tj
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(\225)Tj
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(We can\222t invest our own FICA funds)Tj
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(\225)Tj
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(Television and popular cultural outlets do not cover retirement issues)Tj
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(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 72 88.5 Tm
(There need to be rewards for the savings vs. consumption tradeoff)Tj
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(\225)Tj
0.001 Tc 0.017 Tw 10 0 0 10 72 73.5 Tm
(Remember: legislation calls for savings for all Americans, not just work\
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(Appendix 3: Break-Out Group Full Listing of Barriers and Opportunities)Tj
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(These ideas were suggested by individual Summit participants. They do no\
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0.049 Tw 0 -3 TD
(A. Dark Blue Group)Tj
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(The group cited a number of economic \223realities\224 that it says mili\
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(\225)Tj
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(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 90 602 Tm
(Individuals and employers often take a short-term view, focusing on more\
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(on retirement.)Tj
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(\225)Tj
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(Part-time and older workers, as well as cyclical workers, often lack acc\
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(\225)Tj
0.024 Tw 10 0 0 10 90 557 Tm
(Women face special complications arising from periodic interruptions in \
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(and from divorce.)Tj
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(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 90 527 Tm
(Post-retirement health issues often are not addressed in retirement plan\
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(The group identified specific types of education needs:)Tj
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(\225)Tj
0.037 Tw 10 0 0 10 90 497 Tm
(How much saving is needed for retirement.)Tj
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[(\225)-1193(We need a broader definition of \223security.\224)]TJ
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[(\225)-1193(Employers need a better understanding of existing retirement programs, s\
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1.8 -1.5 Td
(plans.)Tj
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(\225)Tj
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(Employees need to be more aware of the bargaining power they have during\
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0 Tc 0.038 Tw T*
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(\225)Tj
0.001 Tc 0.03 Tw 10 0 0 10 90 407 Tm
(People need help in understanding the impact of inflation. Reporting acc\
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0.018 Tw T*
(nominal terms may mislead some employees.)Tj
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(\225)Tj
0.001 Tc 0.024 Tw 10 0 0 10 90 377 Tm
(The media need to be educated on how to report financial issues.)Tj
/T1_0 1 Tf
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(Opportunities)Tj
/T1_2 1 Tf
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(Private-sector opportunities include:)Tj
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(\225)Tj
0.06 Tw 10 0 0 10 90 317 Tm
(Education projects.)Tj
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(\225)Tj
0.019 Tw 10 0 0 10 90 302 Tm
(Payroll deductions and direct deposit for IRA investments.)Tj
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(\225)Tj
0.001 Tc 0.029 Tw 10 0 0 10 90 287 Tm
(Invite workers\222 spouses to attend retirement-planning seminars for em\
ployees.)Tj
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(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 90 272 Tm
(Educate people on the costs of retirement.)Tj
0 Tc 0 Tw 12 0 0 12 72 257 Tm
(\225)Tj
0.001 Tc 0.018 Tw 10 0 0 10 90 257 Tm
(Use regular statements for investors as a tool to educate.)Tj
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(\225)Tj
0.001 Tc 0.028 Tw 10 0 0 10 90 242 Tm
(Consultants and service providers may need to push employers to cover th\
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(\225)Tj
0.001 Tc 0.033 Tw 10 0 0 10 90 227 Tm
(Offer stock options.)Tj
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(\225)Tj
0.001 Tc -0.015 Tw 10 0 0 10 90 212 Tm
(Remove barriers to portability.)Tj
0.023 Tw -3.6 -1.5 Td
(Possible public-sector initiatives include:)Tj
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(\225)Tj
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(Education projects that start at a young age.)Tj
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(\225)Tj
0.04 Tw 10 0 0 10 90 167 Tm
(Create stronger public demand.)Tj
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(\225)Tj
0.01 Tw 10 0 0 10 90 152 Tm
(A national campaign tailored after the \223Buy War Bonds\224 effort.)Tj
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(\225)Tj
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(Try to decrease consumerism.)Tj
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(\225)Tj
0.028 Tw 10 0 0 10 90 122 Tm
(Create tax incentives, or perhaps eliminate taxes on savings.)Tj
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(\225)Tj
0.032 Tw 10 0 0 10 90 107 Tm
(The government should conduct a survey or analysis of existing trends in\
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0.038 Tw T*
(defined contribution \(DC\) plans.)Tj
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(\225)Tj
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(Stimulate new saving rather than the transfer of existing assets.)Tj
0.029 Tw -3.6 -1.5 Td
(The group agreed that collaborative efforts would be useful. Some exampl\
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(\225)Tj
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(Link employers with someone else to increase trust among employees.)Tj
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(J. Mark Iwry)Tj
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(Tax Benefit Council)Tj
0.053 Tw T*
(U.S. Department of the Treasury)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.04 Tw 0 -2.4 TD
(Elizabeth Ann Liess)Tj
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(Senate Special Committee on Aging)Tj
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(Matthew Levin)Tj
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(Counsel)Tj
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(Senate Labor and Human Resources Committee)Tj
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(Washington, DC)Tj
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(Meredith Miller)Tj
0.072 Tw 0 -1.2 TD
(Deputy Assistant Secretary)Tj
0.047 Tw T*
(Pension & Welfare Benefits Administration)Tj
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(U.S. Department of Labor)Tj
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(Washington, DC)Tj
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(Russell J. Mueller)Tj
0.008 Tc 0 -1.2 TD
(Actuary)Tj
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(House Committee on Education and the Workforce)Tj
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(Washington, DC)Tj
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(Ridge Multop)Tj
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(Senior Economic Advisor)Tj
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(Representative Richard Gephardt)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.033 Tw 0 -2.4 TD
(Sharon Dillon Robinson)Tj
0.005 Tc 0 -1.2 TD
(Dean)Tj
0 Tc 0.056 Tw T*
(The Center For Retirement Education/VALIC)Tj
0.062 Tw T*
(American General Retirement Services)Tj
-0.001 Tc 0.07 Tw T*
(Houston, TX)Tj
0 -2.4 TD
(David M. Sander)Tj
0.06 Tw 0 -1.2 TD
(Legislative Fellow)Tj
0 Tc 0.058 Tw T*
(Representative John Porter)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.055 Tw 0 -2.4 TD
(Donald Sauvigne)Tj
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(Program Director, US Pension & Capital)Tj
0.042 Tw T*
( Accumulation Programs)Tj
0.11 Tw T*
(IBM Corporation)Tj
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(North Tarrytown, NY)Tj
0.002 Tc 0.02 Tw 0 -2.4 TD
(Judy Schub)Tj
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(Asst Executive Director)Tj
-0.001 Tc 0.05 Tw T*
(Pension Benefit Guaranty Corporation)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.002 Tc 0.046 Tw 0 -2.4 TD
(Nancy Smith)Tj
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(Director, Office of Investor Education)Tj
0.001 Tc 0.056 Tw T*
(U.S. Securities and Exchange Commission)Tj
0.07 Tw T*
(Washington, DC)Tj
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(46)Tj
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(Kathleen Sullivan)Tj
0.001 Tc 0.125 Tw T*
(Legislative Director)Tj
-0.001 Tc 0.068 Tw T*
(Representative Richard Neal)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.002 Tc 0 -2.4 TD
(Jeanette Takamura)Tj
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(Assistant Secretary for Aging)Tj
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(U.S. Department of Health and Human Resources)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
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(Vicki Trietsch)Tj
0 Tc 0.05 Tw 0 -1.2 TD
(Director of Human Resources Group)Tj
0.067 Tw T*
(U.S. Department of Education)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
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(Jack VanDerhei)Tj
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0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
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(Sharon Watson)Tj
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0.047 Tw T*
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-0.001 Tc 0.062 Tw T*
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0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.045 Tw 0 -2.4 TD
(Gail E. Weber)Tj
0 -1.2 TD
(Sr. Vice President, Human Resources &)Tj
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0.04 Tw T*
(New England Financial, a MetLife Affiliate)Tj
0.09 Tw T*
(Boston, MA)Tj
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(Gail Weiss)Tj
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(Mary Ellen Withrow)Tj
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0.053 Tw T*
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0.001 Tc 0.07 Tw T*
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(Director of Research)Tj
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(American Savings Education Council)Tj
0.001 Tc 0.07 Tw T*
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(Caroline Berver)Tj
0.001 Tc 0.08 Tw 0 -1.2 TD
(Press Assistant)Tj
0 Tc 0.055 Tw T*
(Senator Bob Graham)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.04 Tw 0 -2.4 TD
(William R. Casey)Tj
0 Tc 0.055 Tw 0 -1.2 TD
(Director, Human Resources and Training)Tj
0.041 Tw T*
(Office of Thrift Supervision)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.002 Tc 0.055 Tw 0 -2.4 TD
(Alisone Clarke)Tj
0.001 Tc 0.065 Tw 0 -1.2 TD
(Director of Benefits)Tj
0 Tc 0.06 Tw T*
(Federal Retirement Thrift Investment Board)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.048 Tw 0 -2.4 TD
(Diane J. Cloutier)Tj
0.052 Tw 0 -1.2 TD
(Assistant Chief, Human Resources)Tj
0.041 Tw T*
(Office of Thrift Supervision)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.002 Tc 0.038 Tw 0 -2.4 TD
(Sidney M. Conley)Tj
0 Tc 0.068 Tw 0 -1.2 TD
(Assistant Director for Retirement Programs)Tj
0.001 Tc 0.04 Tw T*
(U.S. Office of Personnel Management)Tj
0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.125 Tw 0 -2.4 TD
(Patricia Crawford)Tj
0.001 Tc 0.105 Tw 0 -1.2 TD
(Legislative Associate)Tj
0 Tc 0.049 Tw T*
(Committee on Education and the Workforce)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.065 Tw 0 -2.4 TD
(Francis Creighton)Tj
0.001 Tc 0.1 Tw 0 -1.2 TD
(Legislative Assistant)Tj
0.06 Tw T*
(Representative Sam Gejdenson)Tj
0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.052 Tw 0 -2.4 TD
(James M. Delaplane, Jr.)Tj
-0.001 Tc 0.065 Tw 0 -1.2 TD
(Legislative Counsel)Tj
0.001 Tc 0.067 Tw T*
(Representative Earl Pomeroy)Tj
0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.033 Tw 0 -2.4 TD
(Rudy de Leon)Tj
0 Tc 0.043 Tw 0 -1.2 TD
(Under Secretary of Defense, Personnel & Readiness)Tj
0.055 Tw T*
(U.S. Department of Defense)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.047 Tw 0 -2.4 TD
(Courtney J. Disch)Tj
0.1 Tw 0 -1.2 TD
(Legislative Assistant)Tj
0 Tc 0.083 Tw T*
(Senator Christopher Dodd)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.035 Tw 0 -2.4 TD
(Julie Domenick)Tj
-0.001 Tc 0.065 Tw 0 -1.2 TD
(Executive Vice President)Tj
0 Tc 0.05 Tw T*
(Investment Company Institute)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.035 Tw 25.8 63.85 Td
(Reba P. Evans)Tj
0.077 Tw T*
(Assistant Secretary for Departmental Administration)Tj
0.001 Tc 0.065 Tw T*
(U.S. Department of Agriculture)Tj
0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.055 Tw 0 -2.4 TD
(David L. Frank)Tj
0.046 Tw 0 -1.2 TD
(House Committee on Education and the Workforce)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.095 Tw 0 -2.4 TD
(Caroline Fredrickson)Tj
0.003 Tc 0 -1.2 TD
(Counsel)Tj
-0.001 Tc 0.06 Tw T*
(Senator Thomas Daschle)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0 -2.4 TD
(Maria Freese)Tj
0.001 Tc 0.1 Tw 0 -1.2 TD
(Legislative Assistant)Tj
0.063 Tw T*
(Senator Max Baucus)Tj
0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.059 Tw 0 -2.4 TD
(William D. Fritts, Jr.)Tj
0.055 Tw 0 -1.2 TD
(Vice President, Government Relations)Tj
0.001 Tc 0.06 Tw T*
(ReliaStar Financial Corp.)Tj
0.075 Tw T*
(Minneapolis, MN)Tj
-0.001 Tc 0.08 Tw 0 -2.4 TD
(Scott Gast)Tj
0.001 Tc 0.1 Tw 0 -1.2 TD
(Legislative Assistant)Tj
0 Tc 0.045 Tw T*
(Speaker Newt Gingrich)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0 Tc 0.06 Tw 0 -2.4 TD
(Carol D. Gold)Tj
0 -1.2 TD
(Director, Employee Plans Division)Tj
-0.001 Tc 0.045 Tw T*
(Internal Revenue Service)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.03 Tw 0 -2.4 TD
(Jill Greenlee)Tj
0.055 Tw 0 -1.2 TD
(Professional Staff Member)Tj
-0.001 Tc 0.034 Tw T*
(Senate Special Committee on Aging)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.055 Tw 0 -2.4 TD
(Ginger Gregory)Tj
0.058 Tw 0 -1.2 TD
(Assistant to the Economic Advisor)Tj
0 Tc 0.068 Tw T*
(Senator Trent Lott)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
0.062 Tw 0 -2.4 TD
(Christina L. Hamilton)Tj
0 Tc 0.068 Tw 0 -1.2 TD
(Senior Legislative Assistant)Tj
0.001 Tc 0.06 Tw T*
(Representative David Obey)Tj
0.07 Tw T*
(Washington, DC)Tj
0.06 Tw 0 -2.4 TD
(Diann Howland)Tj
0 Tc 0.045 Tw 0 -1.2 TD
(Pension Policy Advisor)Tj
0.046 Tw T*
(Senate Labor and Human Resources Committee)Tj
0.001 Tc 0.07 Tw T*
(Washington, DC)Tj
/T1_1 1 Tf
-0.001 Tc -0.052 Tw 14 0 0 14 212.5 733.5 Tm
(Alternate Statutory Delegates)Tj
/T1_2 1 Tf
9 0 0 9 35 21.5 Tm
(45)Tj
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-0.001 Tc -0.061 Tw 14 0 0 14 244 718 Tm
(Statutory Delegates)Tj
ET
0.5 w
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S
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BT
/T1_0 1 Tf
0.001 Tc 0.095 Tw 10 0 0 10 54 655.5 Tm
(Congressional Members)Tj
/T1_1 1 Tf
0 Tc 0.035 Tw 0 -2.4 TD
[(1.)-2850(Newt Gingrich, Speaker of the House)]TJ
0.053 Tw 0 -1.2 TD
[(2.)-2850(Richard Gephardt, House Minority Leader)]TJ
0.03 Tw T*
[(3.)-2850(Trent Lott, Majority Leader of the Senate)]TJ
-0.001 Tc 0.029 Tw T*
[(4.)-2851(Tom Daschle, Minority Leader of the Senate)]TJ
0 Tc 0.028 Tw T*
[(5.)-2850(William Goodling, Chairman, House Committee on Education and the Workfor\
ce)]TJ
0.005 Tw T*
[(6.)-2850(William Clay, Ranking Member, House Committee on Education and the Workf\
orce)]TJ
0.039 Tw T*
[(7.)-2850(James Jeffords, Chairman, Senate Labor and Human Resources Committee)]TJ
0.02 Tw T*
[(8.)-2850(Edward Kennedy, Ranking Member, Senate Labor and Human Resources Committ\
ee)]TJ
0.018 Tw T*
[(9.)-2850(Charles Grassley, Chairman, Senate Special Committee on Aging)]TJ
0.017 Tw T*
[(1)-25(0)-25(.)-2300(John Breaux, Ranking Member, Senate Special Committee on Aging)]TJ
0.049 Tw T*
[(1)-25(1)-25(.)-2300(John Edward Porter, Chairman, House Appropriations Subcommittee on Labor\
, Health and Human)]TJ
0.007 Tc 3.6 -1.2 Td
(Services)Tj
0 Tc 0.042 Tw -3.6 -1.2 Td
[(1)-25(2)-25(.)-2300(David Obey, Ranking Member, House Appropriations Subcommittee on Labor, \
Health and Human)]TJ
0.007 Tc 3.6 -1.2 Td
(Services)Tj
0 Tc 0.051 Tw -3.6 -1.2 Td
[(1)-25(3)-25(.)-2300(Arlen Specter, Chairman, Senate Appropriations Subcommittee on Labor, He\
alth and Human Services,)]TJ
0.005 Tc 3.6 -1.2 Td
(Education)Tj
0 Tc 0.042 Tw -3.6 -1.2 Td
[(1)-25(4)-25(.)-2300(Tom Harkin, Ranking Member, Senate Appropriations Subcommittee on Labor,\
Health and Human)]TJ
0.126 Tw 3.6 -1.2 Td
(Services, Education)Tj
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q 1 0 0 1 396.5 402.5 cm
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BT
/T1_0 1 Tf
0.047 Tw 10 0 0 10 54 403.5 Tm
(Heads of Federal Departments & Agencies as Designated by the President)Tj
/T1_1 1 Tf
0.021 Tw 0 -2.4 TD
[(1)-25(5)-25(.)-2300(Albert Gore Jr., Vice President of the United States)]TJ
0.052 Tw 0 -1.2 TD
[(1)-25(6)-25(.)-2300(Alexis Herman, Secretary of Labor)]TJ
0.014 Tw T*
[(1)-25(7)-25(.)-2300(Olena Berg, Assistant Secretary of Labor, Pension & Welfare Benefits Adm\
inistration)]TJ
0.01 Tw T*
[(1)-25(8)-25(.)-2300(Robert Rubin, Secretary of Treasury)]TJ
0.001 Tc 0.022 Tw T*
[(1)-24(9)-24(.)-2299(Lawrence Summers, Deputy Secretary of Treasury)]TJ
0 Tc 0.043 Tw T*
[(2)-25(0)-25(.)-2300(Charles Rossotti, Commissioner, Internal Revenue Service)]TJ
0.056 Tw T*
[(2)-25(1)-25(.)-2300(David Strauss, Pension Benefit Guaranty Corporation)]TJ
0.026 Tw T*
[(2)-25(2)-25(.)-2300(Aida Alvarez, Administrator, Small Business Administration)]TJ
0.059 Tw T*
[(2)-25(3)-25(.)-2300(Arthur Levitt, Chairman, Securities and Exchange Commission)]TJ
0.04 Tw T*
[(2)-25(4)-25(.)-2300(Donna E. Shalala, Secretary of Health and Human Services)]TJ
0.001 Tc 0.027 Tw T*
[(2)-24(5)-24(.)-2299(Daniel Glickman, Secretary of Agriculture)]TJ
0 Tc 0 Tw T*
[(2)-25(6)-25(.)-2300(William Daley, Secretary of Commerce)]TJ
0.012 Tw T*
[(2)-25(7)-25(.)-2300(Richard Riley, Secretary of Education)]TJ
0.036 Tw T*
[(2)-25(8)-25(.)-2300(Kenneth S. Apfel, Social Security Administrator)]TJ
0.031 Tw T*
[(2)-25(9)-25(.)-2300(Roger W. Mehle, Executive Director, Federal Retirement Thrift Investment\
Board)]TJ
T*
[(3)-25(0)-25(.)-2300(Ellen Seidman, Director, Office of Thrift Supervision)]TJ
0.029 Tw T*
[(3)-25(1)-25(.)-2300(Janice R. Lachance, Director, Office of Personnel Management)]TJ
0.001 Tc 0.025 Tw T*
[(3)-24(2)-24(.)-2299(William Cohen, Secretary of Defense)]TJ
ET
q 1 0 0 1 243 150.5 cm
0 0 m
-189 0 l
S
Q
BT
/T1_0 1 Tf
0.052 Tw 10 0 0 10 54 151.5 Tm
(ASEC Board Members \(Charter Partners\))Tj
/T1_1 1 Tf
0 Tc 0.031 Tw T*
[(3)-25(3)-25(.)-2300(Matthew Fink, President, Investment Company Institute, Washington, DC)]TJ
0.023 Tw T*
[(3)-25(4)-25(.)-2300(Josephine Tsao, Vice President, Global Compensation and Benefits, IBM, A\
rmonk, NY)]TJ
0.021 Tw T*
[(3)-25(5)-25(.)-2300(Thomas L. West, Jr., Chairman and CEO, VALIC, Houston, TX)]TJ
0.029 Tw T*
[(3)-25(6)-25(.)-2300(John Turner, Chairman & CEO, ReliaStar Financial Services, Minneapolis, \
MN)]TJ
T*
[(3)-25(7)-25(.)-2300(C. Robert Henrickson, Senior Executive Vice President, Metlife, New York\
, NY)]TJ
0.024 Tw T*
[(3)-25(8)-25(.)-2300(Dallas Salisbury, President & CEO, Employee Benefit Research Institute \
\(Chairman - ASEC\),)]TJ
-0.025 Tw 3.6 -1.2 Td
(Washington, DC)Tj
0.033 Tw -3.6 -1.2 Td
[(3)-25(9)-25(.)-2300(Don Blandin, President, American Savings Education Council \(ASEC\), Was\
hington, DC)]TJ
/T1_2 1 Tf
-0.001 Tc 9 0 0 9 568 21.5 Tm
(44)Tj
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/GS1 gs
/T1_0 1 Tf
0.001 Tc 0.055 Tw 10 0 0 10 54 723.5 Tm
(C. Eugene Steuerle)Tj
0 Tc 0.05 Tw 0 -1.2 TD
(Senior Fellow)Tj
-0.001 Tc 0.035 Tw T*
(The Urban Institute)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
0.001 Tc 0.015 Tw 0 -2.4 TD
(Victoria L. Swaja)Tj
0 -1.2 TD
(Business Analyst)Tj
0 Tc 0.062 Tw T*
(Information Network Corporation)Tj
-0.002 Tc 0.09 Tw T*
(Phoenix, AZ)Tj
0 Tc 0.037 Tw 0 -2.4 TD
(Leland Harris Swenson)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.03 Tw T*
(National Farmers Union)Tj
0 Tc 0.065 Tw T*
(Aurora, CO)Tj
0 -2.4 TD
(Richard Thau)Tj
0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.08 Tw T*
(Third Millennium)Tj
0.002 Tc 0.047 Tw T*
(New York, NY)Tj
0.001 Tc 0.085 Tw 0 -2.4 TD
(Fernando Torres-Gil)Tj
0.028 Tw 0 -1.2 TD
(Associate Dean, School of Public Policy)Tj
0 Tc 0.03 Tw T*
(University of California, Los Angeles)Tj
-0.001 Tc 0.028 Tw T*
(Los Angeles, CA)Tj
-0.002 Tc 0.035 Tw 0 -2.4 TD
(Marian Tse)Tj
0.007 Tc 0 -1.2 TD
(Partner)Tj
0.001 Tc T*
(Goodwin, Procter & Hoar LLP)Tj
0 Tc 0.045 Tw T*
(Boston, MA)Tj
-0.001 Tc 0.081 Tw 0 -2.4 TD
(Sandra Turner)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.031 Tw T*
(Sandra R. Turner & Associates, Inc.)Tj
0.06 Tw T*
(Oviedo, FL)Tj
0.001 Tc 0.027 Tw 0 -2.4 TD
(Thomas C. Walker)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.023 Tw T*
(Associated Benefits Corporation)Tj
0.002 Tc T*
(West Des Moines, IA)Tj
0.001 Tc 0.018 Tw 0 -2.4 TD
(Kim N. Wallace)Tj
-0.001 Tc 0.068 Tw 0 -1.2 TD
(Lehman Brothers, Inc.)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
-0.002 Tc 0.015 Tw 25.8 50.4 Td
(Brad Walsh)Tj
0.007 Tc T*
(Shareholder)Tj
0.001 Tc 0.023 Tw T*
(Mitchell McNutt Threadgill Smith & Sams, PA)Tj
0.004 Tc 0.07 Tw T*
(Oxford, MS)Tj
-0.002 Tc 0.105 Tw 0 -2.4 TD
(Sunny Warren)Tj
0 Tc 0 -1.2 TD
(Candidate)Tj
0.001 Tc 0.024 Tw T*
(4th Congressional District of GA)Tj
0.002 Tc 0.05 Tw T*
(Norcross, GA)Tj
0 Tc 0.062 Tw 0 -2.4 TD
(Eugene R. Waschbusch)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.04 Tw T*
(National Council on Teacher Retirement)Tj
0.001 Tc 0.025 Tw T*
(Saint Paul, MN)Tj
-0.001 Tc 0.08 Tw 0 -2.4 TD
(Carolyn Weaver)Tj
0.001 Tc 0.034 Tw 0 -1.2 TD
(Director, Social Security and Pension Studies)Tj
0 Tc 0.042 Tw T*
(American Enterprise Institute)Tj
0.075 Tw T*
(Washington, DC)Tj
0.02 Tw 0 -2.4 TD
(Milton Wells)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc -0.007 Tw T*
(Wells & Associates)Tj
0.075 Tw T*
(Washington, DC)Tj
0.037 Tw 0 -2.4 TD
(James M. Wordsworth)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.045 Tw T*
(J.R.\222s Goodtimes, Inc.)Tj
0.065 Tw T*
(McLean, VA)Tj
0.002 Tc 0.02 Tw 0 -2.4 TD
(Albert C. Zapanta)Tj
0 Tc 0.025 Tw 0 -1.2 TD
(President & CEO)Tj
0.001 Tc 0.04 Tw T*
(U.S. Mexico Chamber of Commerce)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
0.022 Tw 0 -2.4 TD
(James W. Ziglar)Tj
-0.001 Tc 0.11 Tw 0 -1.2 TD
(Managing Director)Tj
0.09 Tw T*
(PaineWebber, Inc.)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.05 Tw 0 -2.4 TD
(Roger H. Zion)Tj
0.005 Tw 0 -1.2 TD
(60 Plus Association)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(43)Tj
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/T1_0 1 Tf
0.001 Tc 0.055 Tw 10 0 0 10 54 728 Tm
(Frank Ready)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.026 Tw T*
(Public Employees\222 Retirement System of MS)Tj
0.045 Tw T*
(Jackson, MS)Tj
-0.002 Tc 0 -2.4 TD
(Beth I. Renge)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.04 Tw T*
(Renge Securities & Co., Inc.)Tj
-0.001 Tc 0.003 Tw T*
(Los Angeles, CA)Tj
0.001 Tc 0.03 Tw 0 -2.4 TD
(Hans Riemer)Tj
0.005 Tc 0 -1.2 TD
(Director)Tj
-0.002 Tc -0.005 Tw T*
(2030 CENTER)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.015 Tw 0 -2.4 TD
(Elaine Roberts)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc T*
(South Dakota Education Association/NEA)Tj
0.055 Tw T*
(Pierre, SD)Tj
0 Tc 0.02 Tw 0 -2.4 TD
(Pati Robinson)Tj
0.001 Tc 0.01 Tw 0 -1.2 TD
(Director, Benefits & HRMS)Tj
0.002 Tc -0.009 Tw T*
(Westin Hotels & Resorts)Tj
-0.002 Tc -0.07 Tw T*
(Seattle, WA)Tj
0.03 Tw 0 -2.4 TD
(Elaine Rosen)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.026 Tw T*
(UNUM Life Insurance Company of America)Tj
0.002 Tc 0.055 Tw T*
(Portland, ME)Tj
0 Tc 0.045 Tw 0 -2.4 TD
(Robert Rozen)Tj
0.001 Tc 0 -1.2 TD
(Principal)Tj
0 Tc -0.033 Tw T*
(Washington Counsel, P.C.)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.065 Tw 0 -2.4 TD
(Heather Ruth)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.015 Tw T*
(The Bond Market Association)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0.001 Tc 0.035 Tw 0 -2.4 TD
(John K. Ryan)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.011 Tw T*
(SEIU Local 74)Tj
0.002 Tc 0.045 Tw T*
(Glenn Head, NY)Tj
0 Tc 0.02 Tw 0 -2.4 TD
(Elisa Sanchez)Tj
0.001 Tw 0 -1.2 TD
(MANA, A National Latina Organization)Tj
0.031 Tw T*
(President and CEO)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.023 Tw 0 -2.4 TD
(Linda R. Savitsky)Tj
0.036 Tw 0 -1.2 TD
(Director, Municipal Finance Services)Tj
0.001 Tc T*
(Government Finance Officers of U.S. and Canada)Tj
-0.001 Tc 0.045 Tw T*
(Hartford, CT)Tj
0.001 Tc 0.052 Tw 25.8 63.75 Td
(Andrea B. Schlesinger)Tj
0.002 Tc 0.09 Tw T*
(Program Director)Tj
0 Tc 0.048 Tw T*
(Social Security Challenge)Tj
0.002 Tc T*
(New York, NY)Tj
0.11 Tw 0 -2.4 TD
(Eugene Schweikert)Tj
0.001 Tc 0.115 Tw 0 -1.2 TD
(Volunteer/A.V.P. Commercial)Tj
0 Tc 0.024 Tw T*
(Economic Security 2000 Nations Bank)Tj
-0.001 Tc 0.04 Tw T*
(Charleston, SC)Tj
0.001 Tc -0.013 Tw 0 -2.4 TD
(Robert T. Scully)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.001 Tc 0.019 Tw T*
(National Association of Police Organizations, Inc.)Tj
0.005 Tw T*
(Washington, DC)Tj
0.025 Tw 0 -2.4 TD
(Susan Serota)Tj
0.003 Tc 0 -1.2 TD
(Member)Tj
0.001 Tc 0.017 Tw T*
(Winthrop, Stimson, Putnam & Roberts)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0.035 Tw 0 -2.4 TD
(Gerald Shea)Tj
0.001 Tc 0 -1.2 TD
(AFL-CIO)Tj
0.005 Tw T*
(Washington, DC)Tj
0.002 Tc 0.015 Tw 0 -2.4 TD
(Samuel J. Simmons)Tj
0 Tc 0.03 Tw 0 -1.2 TD
(President and CEO)Tj
0.001 Tc 0.026 Tw T*
(The National Caucus and Center on Black Aged, Inc.)Tj
0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.053 Tw 0 -2.45 TD
(Fredric S. Singerman)Tj
0.007 Tc 0 -1.2 TD
(Partner)Tj
0 Tc 0.019 Tw T*
(Seyfarth, Shaw, Fairweather & Geraldson)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.037 Tw 0 -2.4 TD
(Maceo K. Sloan)Tj
0.032 Tw 0 -1.2 TD
(Chairman and CEO)Tj
0 Tc 0.043 Tw T*
(NCM Capital Management Group, Inc.)Tj
0.065 Tw T*
(Durham, NC)Tj
0.002 Tc -0.003 Tw 0 -2.4 TD
(William H. Song)Tj
0.007 Tc 0 -1.2 TD
(Partner)Tj
-0.001 Tc 0.017 Tw T*
(Davies, Roberts & Reid)Tj
-0.002 Tc -0.07 Tw T*
(Seattle, WA)Tj
0.001 Tc 0.023 Tw 0 -2.4 TD
(Randi L. Starr)Tj
0.007 Tc 0 -1.2 TD
(Partner)Tj
0.001 Tc 0.003 Tw T*
(Deloitte & Touche LLP)Tj
-0.001 Tc -0.015 Tw T*
(Pittsburgh, PA)Tj
0.035 Tw 0 -2.4 TD
(John L. Steffens)Tj
0.001 Tc 0.014 Tw 0 -1.2 TD
(Vice Chairman of the Board)Tj
0.035 Tw T*
(Merrill Lynch & Co., Inc.)Tj
0.002 Tc 0.025 Tw T*
(Plainsboro, NJ)Tj
-0.002 Tc 0.06 Tw 0 -2.4 TD
(Ken Steiner)Tj
0 Tc 0.04 Tw 0 -1.2 TD
(Consulting Actuary)Tj
-0.068 Tw T*
(Watson Wyatt Worldwide)Tj
0.001 Tc 0.045 Tw T*
(Wellesley, MA)Tj
-0.001 Tc 9 0 0 9 567 21.5 Tm
(42)Tj
ET
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
-0.002 Tc 0.07 Tw 10 0 0 10 54 728 Tm
(Lena Moore)Tj
0.005 Tc 0 -1.2 TD
(Teacher)Tj
0 Tc 0.044 Tw T*
(Paul Junior High School)Tj
0.043 Tw T*
(Washington , DC)Tj
0.001 Tc 0.048 Tw 0 -2.4 TD
(Dana M. Muir)Tj
0 Tc -0.005 Tw 0 -1.2 TD
(Assistant Professor)Tj
0.04 Tw T*
(University of Michigan Business School)Tj
0.05 Tw T*
(Ann Arbor, MI)Tj
0.002 Tc 0.04 Tw 0 -2.4 TD
(Alicia H. Munnell)Tj
0.001 Tc 0.06 Tw 0 -1.2 TD
(Peter Drucker Chair)Tj
0 Tc 0.035 Tw T*
(Boston College Carroll School of Management)Tj
0.001 Tc 0.032 Tw T*
(Chestnut Hill, MA)Tj
0.06 Tw 0 -2.4 TD
(Heather Nauert)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.055 Tw T*
(Pioneer Strategies, Inc.)Tj
0.075 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.03 Tw 0 -2.4 TD
(Richard Neal)Tj
0.005 Tc 0 -1.2 TD
(Congressman)Tj
0.001 Tc T*
(U.S. House of Representatives)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.085 Tw 0 -2.4 TD
(Byron Oliver)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.036 Tw T*
(CIGNA Retirement & Investment)Tj
-0.001 Tc 0.045 Tw T*
(Hartford, CT)Tj
-0.002 Tc 0.025 Tw 0 -2.4 TD
(Anna Padia)Tj
0 Tc 0.05 Tw 0 -1.2 TD
(Human Rights Director)Tj
0.001 Tc 0.032 Tw T*
(The Newspaper Guild of the Communications)Tj
-0.004 Tc T*
(Workers)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.043 Tw 0 -2.4 TD
(Martha Priddy Patterson)Tj
0 Tc 0.022 Tw 0 -1.2 TD
(Director, Employee Benefits Policy)Tj
0.033 Tw T*
(KPMG Compensation & Benefits Practice)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.065 Tw 0 -2.4 TD
(Aubrey Patterson)Tj
0.032 Tw 0 -1.2 TD
(Chairman and CEO)Tj
0 Tc 0.12 Tw T*
(BancorpSouth, Inc.)Tj
0.002 Tc -0.015 Tw T*
(Tupelo, MS)Tj
0 Tc 0.065 Tw 0 -2.4 TD
(Donald Payne)Tj
0.043 Tw 0 -1.2 TD
(Member of Congress)Tj
0.001 Tc 0.03 Tw T*
(U.S. House of Representatives)Tj
0.005 Tw T*
(Washington, DC)Tj
0.002 Tc 0.025 Tw 0 -2.4 TD
(Martha Phillips)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.055 Tw T*
(Concord Coalition)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.002 Tc 0.022 Tw 25.8 64.8 Td
(Susan M. Phillips)Tj
0.012 Tc T*
(Governor)Tj
0 Tc 0.032 Tw T*
(Federal Reserve System)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.055 Tw 0 -2.4 TD
(Michael Pietzsch)Tj
0 Tc 0.025 Tw 0 -1.2 TD
(Senior Attorney)Tj
0.001 Tc -0.013 Tw T*
(Polese, Pietzsch, Williams & Nolan, P.A.)Tj
-0.002 Tc 0.04 Tw T*
(Phoenix, AZ)Tj
0.002 Tc 0.06 Tw 0 -2.4 TD
(Jeffrey Pollock)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.04 Tw T*
(NH Business Development Corporation)Tj
0.002 Tc 0.01 Tw T*
(Manchester, NH)Tj
-0.001 Tc 0.055 Tw 0 -2.4 TD
(Earl Pomeroy)Tj
0 Tc 0.043 Tw 0 -1.2 TD
(Member of Congress)Tj
0.001 Tc 0.03 Tw T*
(U.S. House of Representatives)Tj
0.005 Tw T*
(Washington, DC)Tj
0.002 Tc 0.1 Tw 0 -2.4 TD
(Kenneth Porter)Tj
0.015 Tw 0 -1.2 TD
(Chief Actuary)Tj
0 Tc 0.06 Tw T*
(The DuPont Company)Tj
0.001 Tc 0.015 Tw T*
(Wilmington, DE)Tj
-0.001 Tc 0.07 Tw 0 -2.4 TD
(Richard Prey)Tj
0 Tc -0.027 Tw 0 -1.2 TD
(Sr. Vice President)Tj
0.001 Tc 0.045 Tw T*
(The Principal Financial Group)Tj
0 Tc 0.032 Tw T*
(Des Moines, IA)Tj
0.038 Tw 0 -2.4 TD
(Louis E. Prezeau)Tj
0.025 Tw 0 -1.2 TD
(President & CEO)Tj
0.001 Tc 0.021 Tw T*
(City National Bank of New Jersey)Tj
0 Tc 0.04 Tw T*
(Newark, NJ)Tj
-0.001 Tc 0 -2.4 TD
(Curtis L. Pringle)Tj
0 Tc 0 -1.2 TD
(Assemblyman)Tj
0.001 Tc -0.025 Tw T*
(California State Assembly)Tj
-0.001 Tc 0.045 Tw T*
(Sacramento, CA)Tj
0.002 Tc 0.035 Tw 0 -2.4 TD
(Steve Protulis)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.023 Tw T*
(National Council of Senior Citizens)Tj
0.05 Tw T*
(Silver Spring, MD)Tj
0.001 Tc 0.035 Tw 0 -2.4 TD
(Anna M. Rappaport)Tj
0 -1.2 TD
(Principal)Tj
0.002 Tc 0.003 Tw T*
(William M. Mercer, Inc)Tj
0.065 Tw T*
(Chicago, IL)Tj
-0.001 Tc -0.027 Tw 0 -2.4 TD
(Ronald W. Readmond)Tj
0.007 Tc 0 -1.2 TD
(Chairman)Tj
-0.001 Tc 0.06 Tw T*
(International Equity Partners,Ltd.)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(41)Tj
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540 0 l
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540 -720 l
S
Q
BT
0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.002 Tc 0.035 Tw 10 0 0 10 54 732.5 Tm
(Diahann Lassus)Tj
0 -1.2 TD
(President-Elect)Tj
0.001 Tc 0.003 Tw T*
(National Association of Women Business Owners)Tj
0 Tc 0.053 Tw T*
(New Providence, NJ)Tj
0.065 Tw 0 -2.4 TD
(Gerald Letendre)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.038 Tw T*
(Diamond Casting & Machine Co., Inc.)Tj
0.02 Tw T*
(Holles, NH)Tj
-0.001 Tc 0.035 Tw 0 -2.4 TD
(William Lucy)Tj
0.001 Tc 0.072 Tw 0 -1.2 TD
(International Secretary Treasurer)Tj
0.038 Tw T*
(American Federation of State, County, and Munici-)Tj
0.015 Tw T*
(pal Employees)Tj
0.005 Tw T*
(Washington, DC)Tj
0.07 Tw 0 -2.4 TD
(Marian Lupu)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
-0.001 Tc 0.025 Tw T*
(Pima Council On Aging)Tj
0.001 Tc -0.045 Tw T*
(Tucson, AZ)Tj
0.01 Tw 0 -2.4 TD
(Ronald R. Lyons)Tj
0.003 Tc 0 -1.2 TD
(President/CEO)Tj
0.001 Tc 0.023 Tw T*
(Stewart Bros. Paint Co.)Tj
0.045 Tw T*
(Alliance, OH)Tj
0 Tc -0.022 Tw 0 -2.4 TD
(William M. Lyons)Tj
0.001 Tc 0.036 Tw 0 -1.2 TD
(President & Chief Operating Officer)Tj
0 Tc 0.057 Tw T*
(American Century Companies, Inc.)Tj
0.001 Tc -0.032 Tw 0 -1.25 TD
(Kansas City, MO)Tj
0.002 Tc 0.007 Tw 0 -2.4 TD
(Julius A. Maddox)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.025 Tw T*
(Michigan Education Association)Tj
0.001 Tc 0.03 Tw T*
(East Lansing, MI)Tj
0.002 Tc 0.04 Tw 0 -2.4 TD
(Joseph D. Malone)Tj
0.001 Tc -0.03 Tw 0 -1.2 TD
(State Treasurer)Tj
0.033 Tw T*
(Commonwealth of Massachusetts)Tj
0 Tc 0.045 Tw T*
(Boston, MA)Tj
0.001 Tc 0.04 Tw 0 -2.4 TD
(Johnetta Marshall)Tj
0 Tc 0.005 Tw 0 -1.2 TD
(Older Women\222s League)Tj
0.001 Tc T*
(Washington, DC)Tj
0 Tc 0.04 Tw 0 -2.4 TD
(Phil Matthews)Tj
-0.001 Tc 0.11 Tw 0 -1.2 TD
(Managing Director)Tj
0 Tc 0.06 Tw T*
(BlackRock Financial Management, Inc.)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
-0.001 Tc 0.085 Tw 0 -2.4 TD
(Nancy Mayer)Tj
0.001 Tc 0.02 Tw 0 -1.2 TD
(General Treasurer)Tj
0.012 Tw T*
(Office of the General Treasurer, Rhode Island)Tj
-0.001 Tc 0.09 Tw T*
(Providence, RI)Tj
0 Tc 0.023 Tw 25.8 63.65 Td
(H. Carl McCall)Tj
0.015 Tw T*
(State Comptroller)Tj
0.001 Tc -0.014 Tw T*
(New York State Comptroller\222s Office)Tj
0 Tc -0.07 Tw T*
(Albany, NY)Tj
0.001 Tc 0.055 Tw 0 -2.4 TD
(Douglas J. McCarron)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.045 Tw T*
(United Brotherhood of Carpenters)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.065 Tw 0 -2.4 TD
(Thomas J. McInerney)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.04 Tw T*
(Aetna Retirement Services)Tj
-0.001 Tc 0.045 Tw T*
(Hartford, CT)Tj
0.002 Tc 0.075 Tw 0 -2.4 TD
(Kevin McRaith)Tj
0.001 Tc 0.015 Tw 0 -1.2 TD
(Account Administrator)Tj
0.003 Tw T*
(American Express Trust)Tj
0.061 Tw T*
(Minneapolis, MN)Tj
0.002 Tc 0.022 Tw 0 -2.4 TD
(Martha A. McSteen)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.008 Tw T*
(National Committee To Preserve Social Security)Tj
-0.002 Tc 0.045 Tw T*
(& Medicare)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.05 Tw 0 -2.4 TD
(Ron Merolli)Tj
0 Tc 0.009 Tw 0 -1.2 TD
(Director, Pension Legislative & Technical Services)Tj
-0.001 Tc -0.01 Tw T*
(National Life of Vermont)Tj
0.001 Tc -0.005 Tw 0 -1.25 TD
(Montpelier, VT)Tj
0.002 Tc 0.017 Tw 0 -2.4 TD
(Rita D. Metras)Tj
0 Tc 0.012 Tw 0 -1.2 TD
(Director Benefits Policy, Pension & Savings Plans)Tj
0.001 Tc 0.027 Tw T*
(Eastman Kodak Company)Tj
0 Tc 0 Tw T*
(Rochester, NY)Tj
-0.001 Tc -0.006 Tw 0 -2.4 TD
(Virginia Miller)Tj
-0.01 Tw 0 -1.2 TD
(Vice President)Tj
0 Tc 0.042 Tw T*
(Fleet Financial Group)Tj
0.045 Tw T*
(Boston, MA)Tj
0.001 Tc 0.05 Tw 0 -2.4 TD
(Daniel Mitchell)Tj
0 Tc 0 -1.2 TD
(Senior Fellow)Tj
0.057 Tw T*
(The Heritage Foundation)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc -0.005 Tw 0 -2.4 TD
(James A. Mitchell)Tj
0.027 Tw 0 -1.2 TD
(Executive Vice President)Tj
0.001 Tc 0.015 Tw T*
(American Express Financial Advisors)Tj
0.061 Tw T*
(Minneapolis, MN)Tj
0 Tc 0.06 Tw 0 -2.4 TD
(Charles Moody)Tj
0.003 Tc 0 -1.2 TD
(President/CEO)Tj
0.001 Tc 0.056 Tw T*
(C.D. Moody Construction Co., Inc.)Tj
-0.002 Tc 0.05 Tw T*
(Lithonia, GA)Tj
-0.001 Tc 9 0 0 9 568 21.5 Tm
(40)Tj
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540 -720 l
S
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/GS1 gs
/T1_0 1 Tf
0.001 Tc 0.03 Tw 10 0 0 10 54 732.5 Tm
(Melissa Hieger)Tj
-0.001 Tc 0.04 Tw 0 -1.2 TD
(Vice President)Tj
0.05 Tw T*
(Merril Lynch)Tj
0 Tc 0.045 Tw T*
(Boston, MA)Tj
-0.001 Tc -0.01 Tw 0 -2.4 TD
(Jim Hill)Tj
0.04 Tw 0 -1.2 TD
(State Treasurer)Tj
0.001 Tc 0.055 Tw T*
(Oregon State Treasury)Tj
-0.002 Tc 0.02 Tw T*
(Salem, OR)Tj
-0.001 Tc 0 -2.4 TD
(Donald Hill)Tj
0.001 Tc 0.043 Tw 0 -1.2 TD
(Director of Computer Services)Tj
0.053 Tw T*
(Georgia Department of Insurance)Tj
-0.001 Tc 0.02 Tw T*
(Atlanta, GA)Tj
0 Tc 0.025 Tw 0 -2.4 TD
(Amy Holmes)Tj
0.001 Tc 0.04 Tw 0 -1.2 TD
(Policy Analyst)Tj
0 Tc 0.072 Tw T*
(Independent Women\222s Forum)Tj
0.075 Tw T*
(Washington, DC)Tj
0.002 Tc 0.07 Tw 0 -2.4 TD
(Mary Hounsell)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.033 Tw T*
(Women\222s Institute for a Secure Retirement)Tj
0.075 Tw T*
(Washington, DC)Tj
0.001 Tc 0.032 Tw 0 -2.4 TD
(David R. Hubers)Tj
0 Tc 0.025 Tw 0 -1.2 TD
(President & CEO)Tj
0.001 Tc 0.032 Tw T*
(American Express Financial Advisors)Tj
0.002 Tc 0.06 Tw T*
(Minneapolis, MN)Tj
0.001 Tc 0.065 Tw 0 -2.45 TD
(Frank Hurt)Tj
-0.001 Tc 0.07 Tw 0 -1.2 TD
(International President)Tj
0.001 Tc 0.052 Tw T*
(Bakery, Confectionery & Tobacco Workers)Tj
0.033 Tw T*
( International Union)Tj
0 Tc 0.105 Tw T*
(Kensington, MD)Tj
0.115 Tw 0 -2.4 TD
(Marlynne Ingram)Tj
0.004 Tc 0 -1.2 TD
(Professor)Tj
0.001 Tc 0.038 Tw T*
(University of Iowa)Tj
-0.002 Tc 0.028 Tw T*
(Iowa City, IA)Tj
0.002 Tc 0.053 Tw 0 -2.4 TD
(Milton M. Irvin)Tj
0 Tc 0.025 Tw 0 -1.2 TD
(President & CEO)Tj
0.039 Tw T*
(Blaylock & Partners, L.P.)Tj
0.002 Tc 0.047 Tw T*
(New York, NY)Tj
0.001 Tc 0.038 Tw 0 -2.4 TD
(Richard W. Jackson)Tj
0.007 Tc 0 -1.2 TD
(Partner)Tj
0 Tc 0.046 Tw T*
(Presnell Gage Accounting & Consulting, NFIB)Tj
0.004 Tc 0.03 Tw T*
(Boise, ID)Tj
-0.001 Tc 0.06 Tw 0 -2.4 TD
(Regina Jefferson)Tj
0.001 Tc 0.016 Tw 0 -1.2 TD
(Associate Professor of Law)Tj
0 Tc 0.031 Tw T*
(Catholic University of America)Tj
0.075 Tw T*
(Washington, DC)Tj
0.043 Tw 25.8 64.85 Td
(Gloria T. Johnson)Tj
0.005 Tc T*
(President)Tj
0 Tc 0.017 Tw T*
(Coalition of Labor Union Women)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.002 Tc 0.018 Tw 0 -2.4 TD
(Karen A. Jordan)Tj
0 Tc 0.05 Tw 0 -1.2 TD
(President and Co-owner)Tj
0.028 Tw T*
(Alaska Pension Services, Ltd.)Tj
0.002 Tc 0.05 Tw T*
(Anchorage, AK)Tj
0 Tc 0.065 Tw 0 -2.4 TD
(Howard Kaloogian)Tj
0 -1.2 TD
(Assemblyman)Tj
-0.001 Tc 0.018 Tw T*
(California State Legislature)Tj
0.045 Tw T*
(Sacramento, CA)Tj
0 Tc 0.033 Tw 0 -2.4 TD
(Alan N. Kanter)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.014 Tw T*
(Alan N. Kanter & Associates, Inc.)Tj
0 Tc 0.045 Tw T*
(Baltimore, MD)Tj
0.003 Tc 0 -2.4 TD
(John Kimpel)Tj
0 Tc 0.039 Tw 0 -1.2 TD
(Senior Vice President/Deputy General Counsel)Tj
0.045 Tw T*
(Fidelity Investments)Tj
T*
(Boston, MA)Tj
0.002 Tc 0.055 Tw 0 -2.4 TD
(Beth Kobliner)Tj
-0.001 Tc 0.04 Tw 0 -1.2 TD
(Financial Journalist)Tj
0.008 Tc T*
(Freelance)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0 Tc 0.04 Tw 0 -2.45 TD
(Leslie Beth Kramerich)Tj
-0.002 Tc -0.07 Tw 0 -1.2 TD
(Verner, Lipfert)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.045 Tw 0 -2.4 TD
(Robert D. Krinsky)Tj
0.007 Tc 0 -1.2 TD
(Chairman)Tj
0.001 Tc 0.04 Tw T*
(The Segal Company)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0.027 Tw 0 -2.4 TD
(Barbara J. Krumsiek)Tj
0 Tc 0.025 Tw 0 -1.2 TD
(President & CEO)Tj
0.047 Tw T*
(Calvert Group, Ltd.)Tj
0.001 Tc 0.05 Tw T*
(Bethesda, MD)Tj
0 Tc 0.025 Tw 0 -2.4 TD
(Carmela G. Lacayo)Tj
0.003 Tc 0 -1.2 TD
(President/CEO)Tj
0.001 Tc 0.005 Tw T*
(National Association for Hispanic Elderly)Tj
0 Tc 0.02 Tw T*
(Pasadena, CA)Tj
-0.001 Tc 0.055 Tw 0 -2.4 TD
(Marc Lackritz)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.012 Tw T*
(Securities Industry Association)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.04 Tw 0 -2.4 TD
(Heather Lamm)Tj
0.006 Tc 0 -1.2 TD
(Chairperson)Tj
0 Tc 0.08 Tw T*
(Third Millennium)Tj
0.002 Tc 0.047 Tw T*
(New York, NY)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(39)Tj
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540 0 l
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540 -720 l
S
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.002 Tc 0.04 Tw 10 0 0 10 54 732.5 Tm
(Sam Gejdenson)Tj
0 Tc 0.043 Tw 0 -1.2 TD
(Member of Congress)Tj
0.001 Tc 0.03 Tw T*
(U.S. House of Representatives)Tj
0.005 Tw T*
(Washington, DC)Tj
0.075 Tw 0 -2.4 TD
(Gary Gentzler)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.013 Tw T*
(Gentzler & Smith Associates, Inc.)Tj
-0.009 Tc -0.07 Tw T*
(York, PA)Tj
0 Tc 0.025 Tw 0 -2.4 TD
(Robert A. Georgine)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.026 Tw T*
(Building and Construction Trades Department,)Tj
0 Tc -0.002 Tw T*
( AFL-CIO)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
-0.02 Tw 0 -2.4 TD
(Leo W. Gerard)Tj
0 Tc 0.075 Tw 0 -1.2 TD
(International Secretary/Treasurer)Tj
0.014 Tw T*
(United Steelworkers of America)Tj
-0.001 Tc -0.015 Tw T*
(Pittsburgh, PA)Tj
0.002 Tc 0.055 Tw 0 -2.4 TD
(Craig Gholston)Tj
0.001 Tc 0.06 Tw 0 -1.2 TD
(Registered Representative)Tj
0.08 Tw T*
(Gen-X Invest)Tj
0.002 Tc 0.055 Tw T*
(Plano, TX)Tj
0 Tc 0.065 Tw 0 -2.4 TD
(Dylan Coburn Glenn)Tj
0 -1.2 TD
(Candidate)Tj
0.048 Tw T*
(Dylan Glenn for Congress)Tj
0.002 Tc -0.07 Tw 0 -1.25 TD
(Albany, GA)Tj
0 Tc 0.065 Tw 0 -2.4 TD
(Lamond Godwin)Tj
0.025 Tw 0 -1.2 TD
(Peachtree Asset Management)Tj
-0.001 Tc 0.02 Tw T*
(Atlanta, GA)Tj
0 Tc -0.025 Tw 0 -2.4 TD
(William Goldberg)Tj
0.007 Tc 0 -1.2 TD
(Partner)Tj
-0.001 Tc 0.042 Tw T*
(KPMG Peat Marwick LLP)Tj
0 Tc 0.07 Tw T*
(Houston, TX)Tj
0.001 Tc -0.015 Tw 0 -2.4 TD
(James T. Gordon)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.023 Tw T*
(American Administration Services Company)Tj
0.001 Tc 0.035 Tw T*
(Marietta, GA)Tj
-0.002 Tw 0 -2.4 TD
(Vicki Gottlich)Tj
0.008 Tc 0 -1.2 TD
(Attorney)Tj
0.001 Tc 0.023 Tw T*
(National Senior Citizens Law Center)Tj
0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.04 Tw 0 -2.4 TD
(Brian Graff)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.023 Tw T*
(American Society of Pension Actuaries)Tj
-0.001 Tc 0.065 Tw T*
(Arlington, VA)Tj
0.003 Tc 0.035 Tw 25.8 63.65 Td
(Bob Graham)Tj
T*
(Senator)Tj
0 Tc T*
(U.S. Senate)Tj
0.075 Tw T*
(Washington, DC)Tj
0.001 Tc 0.035 Tw 0 -2.4 TD
(Joseph J. Grano, Jr.)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
-0.001 Tc 0.09 Tw T*
(PaineWebber, Inc.)Tj
0.002 Tc 0.047 Tw T*
(New York, NY)Tj
0 Tc 0.09 Tw 0 -2.4 TD
(Mathew Greenwald)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.028 Tw T*
(Mathew Greenwald & Associates)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
0.001 Tc 0.01 Tw 0 -2.4 TD
(Sarita Gupta)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc T*
(United States Student Association)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
0.045 Tw 0 -2.4 TD
(Daniel Halperin)Tj
0.005 Tc 0 -1.2 TD
(Professor)Tj
0.001 Tc 0.042 Tw T*
(Harvard Law School)Tj
-0.001 Tc 0.05 Tw T*
(Cambridge, MA)Tj
0.001 Tc 0.03 Tw 0 -2.4 TD
(Brent R. Harris)Tj
0.007 Tc 0 -1.2 TD
(Chairman)Tj
0.001 Tc 0.07 Tw T*
(PIMCO Funds)Tj
0.04 Tw T*
(Newport Beach, CA)Tj
0.002 Tc 0.027 Tw 0 -2.45 TD
(Thomas J. Healey)Tj
-0.001 Tc 0.11 Tw 0 -1.2 TD
(Managing Director)Tj
0.001 Tc 0.027 Tw T*
(Goldman, Sachs & Co.)Tj
0.002 Tc 0.047 Tw T*
(New York, NY)Tj
0.001 Tc 0.04 Tw 0 -2.4 TD
(Teresa Heinz)Tj
0.007 Tc 0 -1.2 TD
(Chairman)Tj
0.001 Tc 0.034 Tw T*
(Teresa and H. John Heinz III Foundation)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
0.001 Tc 0.036 Tw 0 -2.4 TD
(Thomas J. Hendricks)Tj
0 Tc 0 -1.2 TD
(International Foundation of Employee Benefit Plans)Tj
0.001 Tc 0.05 Tw T*
(Brookfield, WI)Tj
-0.001 Tc 0.04 Tw 0 -2.4 TD
(Ellen A. Hennessy)Tj
0.002 Tc 0.032 Tw 0 -1.2 TD
(Sr. Vice President)Tj
0.055 Tw T*
(ASA, Inc.)Tj
0 Tc 0.075 Tw T*
(Washington, DC)Tj
0.002 Tc 0.06 Tw 0 -2.4 TD
(John T. Herndon)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.001 Tc 0.012 Tw T*
(Florida State Board of Administration)Tj
0 Tc 0.014 Tw T*
(Tallahassee, FL)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(38)Tj
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0 0 0 1 k
/GS1 gs
/T1_0 1 Tf
0.002 Tc 0.1 Tw 10 0 0 10 54 732.5 Tm
(Ken Duncan)Tj
-0.001 Tc -0.033 Tw 0 -1.2 TD
(LA State Treasury)Tj
0.001 Tc -0.005 Tw T*
(Louisiana State Treasury)Tj
0 Tc 0.043 Tw T*
(Baton Rouge, IA)Tj
0.001 Tc 0.065 Tw 0 -2.4 TD
(Patricia Dunn)Tj
0 Tc 0 -1.2 TD
(Co-Chair)Tj
0.001 Tc 0.027 Tw T*
(Barclays Global Investors)Tj
0.035 Tw T*
(San Francisco, CA)Tj
0.05 Tw 0 -2.4 TD
(Pierre S. DuPont)Tj
0.008 Tc 0 -1.2 TD
(Attorney)Tj
-0.001 Tc 0.044 Tw T*
(Richards, Layton & Finger)Tj
0.001 Tc 0.015 Tw T*
(Wilmington, DE)Tj
0.055 Tw 0 -2.4 TD
(Fredric Edelman)Tj
0.007 Tc 0 -1.2 TD
(Chairman)Tj
0.001 Tc 0.045 Tw T*
(Edelman Financial Services, Inc.)Tj
-0.004 Tc -0.07 Tw T*
(Fairfax, VA)Tj
0.002 Tc -0.055 Tw 0 -2.4 TD
(Vickie Elisa)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc -0.003 Tw T*
(Mothers\222 Voices Georgia Chapter)Tj
0.002 Tc 0 Tw T*
(Decatur, GA)Tj
0.001 Tc 0.01 Tw 0 -2.4 TD
(Charles E. Elliott)Tj
0.003 Tc 0 -1.2 TD
(President/CEO)Tj
0.001 Tc 0.007 Tw T*
(Mississippi Credit Union System)Tj
0 Tc 0.045 Tw T*
(Jackson, MS)Tj
0.001 Tc 0.055 Tw 0 -2.45 TD
(John N. Erlenborn)Tj
0.004 Tc 0 -1.2 TD
(Professor)Tj
0 Tc 0.06 Tw T*
(Georgetown University Law Center)Tj
0.003 Tc 0.051 Tw T*
(Issue, MD)Tj
0.001 Tc -0.015 Tw 0 -2.4 TD
(William L. Eubank, Jr.)Tj
0 Tc 0.03 Tw 0 -1.2 TD
(Member of the Firm)Tj
0.001 Tc 0.022 Tw T*
(Eubank & Betts, PLLC)Tj
0 Tc 0.045 Tw T*
(Jackson, MS)Tj
-0.002 Tc 0.08 Tw 0 -2.4 TD
(Shannon Evans)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc -0.02 Tw T*
(Evans & Associates)Tj
-0.001 Tc -0.035 Tw T*
(Las Vegas, NV)Tj
0.058 Tw 0 -2.4 TD
(Michael R. Fanning)Tj
0.014 Tc 0 -1.2 TD
(CEO)Tj
0 Tc 0.035 Tw T*
(Central Pension Fund of the International Union of)Tj
-0.001 Tc 0.04 Tw T*
( Operating Engineers)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.002 Tc -0.038 Tw 0 -2.4 TD
(Harris W. Fawell)Tj
0 Tc 0.043 Tw 0 -1.2 TD
(Member of Congress)Tj
0.001 Tc 0.03 Tw T*
(U.S. House of Representatives)Tj
0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.058 Tw 25.8 64.85 Td
(Karen Ferguson)Tj
0.005 Tc T*
(Director)Tj
-0.001 Tc 0.045 Tw T*
(Pension Rights Center)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.06 Tw 0 -2.4 TD
(Peter Ferrara)Tj
0.001 Tc 0.036 Tw 0 -1.2 TD
(General Counsel & Chief Economics)Tj
0.01 Tw T*
(Americans for Tax Reform)Tj
0.005 Tw T*
(Washington, DC)Tj
0.003 Tc 0.07 Tw 0 -2.4 TD
(Gary Fethke)Tj
0 -1.2 TD
(Dean)Tj
0.001 Tc 0.037 Tw T*
(The University of Iowa)Tj
0 Tc -0.033 Tw T*
(Iowa City, IA)Tj
0.002 Tc 0.06 Tw 0 -2.4 TD
(Mark Fetting)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.046 Tw T*
(Prudential Investments Retirement Services)Tj
0.04 Tw T*
(Newark, NJ)Tj
0.055 Tw 0 -2.4 TD
(Michael Fitzgerald)Tj
0.001 Tc -0.03 Tw 0 -1.2 TD
(State Treasurer)Tj
0.003 Tc 0.012 Tw T*
(State of Iowa)Tj
0 Tc 0.032 Tw T*
(Des Moines, IA)Tj
-0.001 Tc 0.055 Tw 0 -2.4 TD
(Jonathan Barry Forman)Tj
0.028 Tw 0 -1.2 TD
(Professor of Law)Tj
0.001 Tc 0.029 Tw T*
(University of Oklahoma College of Law)Tj
0.065 Tw T*
(Norman, OK)Tj
0 -2.45 TD
(Carolyn Forrest)Tj
-0.012 Tw 0 -1.2 TD
(United Auto Workers)Tj
0.002 Tc 0.055 Tw T*
(Detroit, MI)Tj
-0.001 Tc 0.035 Tw 0 -2.4 TD
(Lynn Franzoi)Tj
0 Tc 0.017 Tw 0 -1.2 TD
(Senior Vice President, Benefits)Tj
0.019 Tw T*
(Fox Group, A News Corporation Company)Tj
0.001 Tc 0.028 Tw T*
(Beverly Hills, CA)Tj
0.002 Tc -0.012 Tw 0 -2.4 TD
(William G. Gale)Tj
0 Tc 0.05 Tw 0 -1.2 TD
(Senior Fellow)Tj
0.001 Tc 0.053 Tw T*
(The Brookings Institution)Tj
0.005 Tw T*
(Washington, DC)Tj
0.065 Tw 0 -2.4 TD
(Robert Garner)Tj
0 Tc 0.024 Tw 0 -1.2 TD
(Natl Director, Personal Financial Counseling)Tj
-0.016 Tw T*
(Ernst & Young LLP)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0.001 Tc 0.013 Tw 0 -2.4 TD
(Raymond A. Gaydos)Tj
0 Tc 0.03 Tw 0 -1.2 TD
(Manager, Profit Sharing)Tj
0.06 Tw T*
(Marriott International Inc.)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.055 Tw 0 -2.4 TD
(Ronald Gebhardtsbauer)Tj
0.001 Tc 0.045 Tw 0 -1.2 TD
(Senior Pension Fellow)Tj
0.002 Tw T*
(American Academy of Actuaries)Tj
0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(37)Tj
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0.002 Tc 0.01 Tw 10 0 0 10 54 739 Tm
(Eli Broad)Tj
0.001 Tc 0.032 Tw 0 -1.2 TD
(Chairman and CEO)Tj
-0.001 Tc 0.1 Tw T*
(SunAmerica, Inc.)Tj
0.003 Tw T*
(Los Angeles, CA)Tj
0 Tc 0.055 Tw 0 -2.4 TD
(Colette Browne)Tj
0.015 Tw 0 -1.2 TD
(Associate Professor)Tj
0.016 Tw T*
(University of Hawaii School of Social Work)Tj
0.003 Tc 0.08 Tw T*
(Honolulu, HI)Tj
-0.002 Tc 0.015 Tw 0 -2.4 TD
(Ellen A. Bruce)Tj
0.001 Tc 0.035 Tw 0 -1.2 TD
(Associate Director)Tj
0.044 Tw T*
(Gerontology Institute, University of Massachusetts)Tj
0 Tc T*
(Boston, MA)Tj
0.001 Tc 0.025 Tw 0 -2.4 TD
(Donald J. Butt)Tj
-0.001 Tc -0.01 Tw 0 -1.2 TD
(Vice President)Tj
0.001 Tc 0.046 Tw T*
(U.S. WEST Investment Management Company)Tj
0.002 Tc 0.08 Tw T*
(Englewood, CO)Tj
0.001 Tc 0 Tw 0 -2.4 TD
(Paula Calimafde)Tj
0 -1.2 TD
(Chair)Tj
0 Tc 0.006 Tw T*
(Small Business Council of America)Tj
0.001 Tc 0.05 Tw T*
(Bethesda, MD)Tj
0.028 Tw 0 -2.4 TD
(Joyce D. Campbell)Tj
0 Tc 0.085 Tw 0 -1.2 TD
(Communications Director)Tj
-0.001 Tc 0.028 Tw T*
(Senator Bob Dole)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0 Tc -0.02 Tw 0 -2.4 TD
(Carroll A. Campbell, Jr.)Tj
0.031 Tw 0 -1.2 TD
(President and CEO)Tj
0.001 Tc 0.043 Tw T*
(American Council of Life Insurance)Tj
0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.04 Tw 0 -2.4 TD
(Hilda M. Cannon)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Director-Retirement Programs)Tj
0.09 Tw T*
(Georgia-Pacific Corporation)Tj
-0.001 Tc 0.02 Tw T*
(Atlanta, GA)Tj
0.028 Tw 0 -2.4 TD
(Marshall N. Carter)Tj
0 Tc 0.027 Tw 0 -1.2 TD
(Chairman & CEO)Tj
0.001 Tc 0.023 Tw T*
(State Street Corporation)Tj
0 Tc 0.045 Tw T*
(Boston, MA)Tj
-0.001 Tc 0.065 Tw 0 -2.4 TD
(David Certner)Tj
0.001 Tc 0.022 Tw 0 -1.2 TD
(Senior Coordinator, Economic Issues)Tj
0 Tc 0.013 Tw T*
(American Association of Retired Persons)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 0.02 Tw 0 -2.4 TD
(Pamela Cipriano)Tj
0 Tc 0.029 Tw 0 -1.2 TD
(Chair, Congress on Nursing Economics)Tj
0.001 Tc 0.003 Tw T*
(American Nurses Association)Tj
0.005 Tw T*
(Washington, DC)Tj
0.03 Tw 0 -2.4 TD
(Nelson D. Civello)Tj
0 Tc 0.004 Tw 0 -1.2 TD
(Sr. Executive Vice President)Tj
0.065 Tw T*
(Dain Rauscher Incorporated)Tj
0.002 Tc 0.06 Tw T*
(Minneapolis, MN)Tj
-0.001 Tc -0.062 Tw 25.8 69.6 Td
(William L. Clay, Jr.)Tj
0.003 Tc T*
(Senator)Tj
0.001 Tc 0.005 Tw T*
(Missouri General Assembly)Tj
0.002 Tc -0.018 Tw T*
(Jefferson City, MO)Tj
0 Tc 0.055 Tw 0 -2.4 TD
(Christopher Clements)Tj
0.002 Tc 0.04 Tw 0 -1.2 TD
(Sales Manager)Tj
0 Tc 0.033 Tw T*
(Golden Eagle Distributors)Tj
0.001 Tc -0.045 Tw T*
(Tucson, AZ)Tj
0.002 Tc -0.01 Tw 0 -2.4 TD
(James Collins)Tj
0 Tc 0.105 Tw 0 -1.2 TD
(Executive Director)Tj
0.019 Tw T*
(North Dakota Public Employees\222 Retirement System)Tj
-0.001 Tc 0.035 Tw T*
(Bismarck, ND)Tj
0.001 Tc -0.03 Tw 0 -2.4 TD
(Wiilliam Dale Crist)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.015 Tw T*
(California Public Employees\222 Retirement System)Tj
-0.001 Tc 0.045 Tw T*
(Sacramento, CA)Tj
0.003 Tc 0.025 Tw 0 -2.4 TD
(Jerome Dattel)Tj
0 Tc 0.026 Tw 0 -1.2 TD
(Senior Vice President - Regional Manager)Tj
0.001 Tc -0.003 Tw T*
(Legg Mason Wood Walker, Inc.)Tj
0 Tc 0.035 Tw T*
(New Orleans, LA)Tj
-0.001 Tc 0.06 Tw 0 -2.4 TD
(Sheryl H. Davenport)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.014 Tw T*
(St. Louis Teachers and School Related Personnel)Tj
0.001 Tc 0.028 Tw T*
(St Louis, MO)Tj
0 Tc 0.06 Tw 0 -2.4 TD
(John D. Davenport)Tj
-0.001 Tc 0.065 Tw 0 -1.2 TD
(Education Chairman)Tj
0 Tc 0.051 Tw T*
(International Foundation for Retirement)Tj
-0.023 Tw T*
(Oklahoma City, OK)Tj
0.001 Tc 0.07 Tw 0 -2.4 TD
(Clinton Demetriou)Tj
0.035 Tw 0 -1.2 TD
(Director- Health Plans)Tj
0 Tc 0.025 Tw T*
(BellSouth Telecommunications, Inc.)Tj
-0.001 Tc -0.06 Tw T*
(Tucker, GA)Tj
0.001 Tc 0.033 Tw 0 -2.4 TD
(Paul R. Dimond)Tj
-0.001 Tc 0.06 Tw 0 -1.2 TD
(Senior Counsel)Tj
0.001 Tc 0.011 Tw T*
(Miller, Caufield, Paddock & Stone)Tj
0.002 Tc -0.01 Tw T*
(Ann Arbor, MI)Tj
0 Tc 0.095 Tw 0 -2.4 TD
(Benjamin Domenech)Tj
0.006 Tc 0 -1.2 TD
(Correspondent)Tj
-0.001 Tc 0.06 Tw T*
(Human Events)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.025 Tw 0 -2.4 TD
(Adam Dubitsky)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.058 Tw T*
(ABD Communications, Inc.)Tj
0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.04 Tw 0 -2.4 TD
(Lynn Diehl Dudley)Tj
0.023 Tw 0 -1.2 TD
(Vice President, Retirement Policy)Tj
0.001 Tc 0.014 Tw T*
(Association of Private Pension and Welfare Plans)Tj
0.005 Tw T*
(Washington, DC)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(36)Tj
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0.025 Tw 10 0 0 10 54 677 Tm
(Henry J. Aaron)Tj
0.05 Tw 0 -1.2 TD
(Senior Fellow)Tj
0.001 Tc 0.053 Tw T*
(The Brookings Institution)Tj
0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.025 Tw 0 -2.4 TD
(Leanne Abdnor)Tj
0.001 Tc 0.001 Tw 0 -1.2 TD
(Vice President for External Affairs)Tj
0.015 Tw T*
(Cato Institute)Tj
0.005 Tw T*
(Washington, DC)Tj
0.002 Tc -0.015 Tw 0 -2.4 TD
(Fay Allen)Tj
0.01 Tc 0 -1.2 TD
(Agent/Owner)Tj
0 Tc 0.038 Tw T*
(State Farm Insurance)Tj
0.055 Tw T*
(Jeffersonville, IN)Tj
0.002 Tc -0.01 Tw 0 -2.4 TD
(Wayne D. Angell)Tj
0 Tc 0.041 Tw 0 -1.2 TD
(Senior Managing Director & Chief Economist)Tj
0.015 Tw T*
(Bear, Stearns & Co., Inc.)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
-0.06 Tw 0 -2.4 TD
(Ward Armstrong)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc 0.04 Tw T*
(American Express Retirement Services)Tj
0.002 Tc 0.06 Tw T*
(Minneapolis, MN)Tj
0 Tc -0.07 Tw 0 -2.4 TD
(Terry Atkinson)Tj
-0.001 Tc 0.11 Tw 0 -1.2 TD
(Managing Director)Tj
0 Tc -0.03 Tw T*
(PaineWebber, Inc.)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0.001 Tc 0.085 Tw 0 -2.4 TD
(John Bachmann)Tj
-0.002 Tc 0.09 Tw 0 -1.2 TD
(Managing Principal)Tj
0.001 Tc 0.035 Tw T*
(Edward Jones)Tj
0.002 Tc 0.033 Tw T*
(St. Louis, MO)Tj
0.001 Tc 0.07 Tw 0 -2.4 TD
(Meredith Bagby)Tj
-0.001 Tc 0.05 Tw 0 -1.2 TD
(Board Member)Tj
0 Tc 0.08 Tw T*
(Third Millennium)Tj
0.003 Tc -0.037 Tw T*
(New York, NY)Tj
0.06 Tw 0 -2.4 TD
(Max Baucus)Tj
0 -1.2 TD
(Senator)Tj
0 Tc 0.035 Tw T*
(U.S. Senate)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.022 Tw 0 -2.4 TD
(James E. Bayne)Tj
0 Tc 0.029 Tw 0 -1.2 TD
(Manager, Benefits Finance & Investment)Tj
0.001 Tc 0.095 Tw T*
(Exxon Corporation)Tj
-0.003 Tc T*
(Irving, TX)Tj
-0.001 Tc 0.055 Tw 0 -2.4 TD
(Theodore R. Benna)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0.001 Tc -0.055 Tw T*
(401\(k\) Association)Tj
0 Tc -0.008 Tw T*
(Cross Fork, PA)Tj
0.002 Tw 12 0 0 12 36 739 Tm
(Appendix 2: Appointed and Statutory Delegates)Tj
-0.002 Tc 0.082 Tw 16 0 0 16 220 707 Tm
(Appointed Delegates)Tj
0 Tc 0.075 Tw 10 0 0 10 312 677 Tm
(Dianne Bennett)Tj
0.042 Tw T*
(Partner and President)Tj
0.014 Tw T*
(Hodgson Russ Andrews Woods & Goodyear LLP)Tj
0.001 Tc 0.045 Tw T*
(Buffalo, NY)Tj
0.025 Tw 0 -2.4 TD
(James Bentley)Tj
0 Tc 0.022 Tw 0 -1.2 TD
(Senior Vice President for Strategic Policy)Tj
0.001 Tc -0.013 Tw T*
(American Hospital Association)Tj
0.005 Tw T*
(Washington, DC)Tj
0 Tc 0.04 Tw 0 -2.4 TD
(John H. Biggs)Tj
0.031 Tw 0 -1.2 TD
(Chairman, President & CEO)Tj
0.002 Tc T*
(TIAA-CREF)Tj
-0.037 Tw T*
(New York, NY)Tj
-0.001 Tc 0.035 Tw 0 -2.4 TD
(Richard Billings)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.032 Tw T*
(R.L. Billings and Company)Tj
-0.001 Tc -0.028 Tw T*
(Sioux City, IA)Tj
-0.002 Tc -0.03 Tw 0 -2.4 TD
(Jay W. Bixby)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
0 Tc 0.041 Tw T*
(National Conference on Public Employee)Tj
-0.001 Tc 0.023 Tw T*
( Retirement)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.048 Tw 0 -2.4 TD
(J. Kenneth Blackwell)Tj
-0.004 Tc 0 -1.2 TD
(Treasurer)Tj
0.001 Tc 0.017 Tw T*
(State of Ohio)Tj
0.05 Tw T*
(Columbus, OH)Tj
0 Tc 0.013 Tw 0 -2.4 TD
(David S. Blitzstein)Tj
0.001 Tc 0.008 Tw 0 -1.2 TD
(Director, Negotiated Benefits)Tj
0 Tc 0.024 Tw T*
(United Food and Commercial Workers International)Tj
-0.001 Tc 0.025 Tw T*
( Union)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
0.025 Tw 0 -2.4 TD
(Phyllis C. Borzi)Tj
-0.001 Tc 0.045 Tw 0 -1.2 TD
(Of Counsel)Tj
0 Tc 0.115 Tw T*
(O\222Donoghue & O\222Donoghue)Tj
0.001 Tc 0.005 Tw T*
(Washington, DC)Tj
-0.002 Tc 0.02 Tw 0 -2.4 TD
(Jon Boscia)Tj
0.005 Tc 0 -1.2 TD
(President)Tj
-0.001 Tc 0.045 Tw T*
(Lincoln National Corporation)Tj
0 Tc 0.007 Tw T*
(Fort Wayne, IN)Tj
-0.001 Tc 0.095 Tw 0 -2.4 TD
(John Brennan)Tj
0.001 Tc 0.032 Tw 0 -1.2 TD
(Chairman and CEO)Tj
0.017 Tw T*
(The Vanguard Group)Tj
-0.001 Tc 0.005 Tw T*
(Malvern, PA)Tj
9 0 0 9 36 21.5 Tm
(35)Tj
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[(9:05 am - 10:45 am)-2002(Panel )-56(Discussion: )-56( )]TJ
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(Public- and Private-Sector Outreach Activities/Best Practices)Tj
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[(Speakers:)-399(David Walker, Arthur Anderson \(Moderator\))]TJ
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(Olena Berg, Assistant Secretary of Labor)Tj
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(Jim Hill, Oregon State Treasurer)Tj
0.001 Tc 0.035 Tw T*
(Horace Holmes, WJLA-TV)Tj
0.036 Tw T*
(Robert Reynolds, Fidelity Investments)Tj
0.027 Tw T*
(Anthony Amato, Hard Rock Caf\351 International)Tj
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[(10:45 am - 11:00 am)-1498(Break)]TJ
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[(11:00 am - 12:15 pm)-1449(Final )-47(Plenary )-47(Session:)]TJ
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( )Tj
10 0 0 10 271 627.5 Tm
( )Tj
/T1_1 1 Tf
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(Summary of Breakout Group Discussions)Tj
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[(Speakers:)-399(Jennifer Dunn, U.S. House of Representatives \(Host\))]TJ
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(Pamela Gwin, Federal Executive Institute \(Dark Blue group facilitator)Tj
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(Dennis Center, Federal Executive Institute \(Gold group facilitator\))Tj
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(Barbara Smith, Federal Executive Institute \(Green group facilitator\))Tj
0.043 Tw T*
(Sylvester Houston, Federal Executive Institute \(Light Blue group)Tj
0.001 Tc 0.45 -1.2 Td
(facilitator\))Tj
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(Linda Bunker, Federal Executive Institute \(Orange group facilitator\))Tj
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(Robert Franco, Federal Executive Institute \(Purple group facilitator\))Tj
0.023 Tw T*
(Terry Newell, Federal Executive Institute \(Red group facilitator\))Tj
0.031 Tw T*
(Robert Gest, Federal Executive Institute \(Silver group facilitator\))Tj
0.007 Tw T*
(Pamela Wilhelms, Federal Executive Institute \(Yellow group facilitator\)\
)Tj
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[(12:15 pm - 1:00 pm)-1951(Closing )-31(Session: )-31( )]TJ
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(Thank You and Challenge)Tj
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[(Speakers:)-399(Jennifer Dunn, U.S. House of Representatives \(Host\))]TJ
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(Alexis Herman, Secretary of Labor \(Host\))Tj
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(Robert Rubin, Secretary of the Treasury)Tj
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(Bob Graham, U.S. Senate)Tj
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(Jim Kolbe, U.S. House of Representatives)Tj
0 Tc 0.026 Tw 0 -1.35 TD
(Harris Fawell, U.S. House of Representatives)Tj
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(34)Tj
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(Appendix 1: The Summit Agenda.)Tj
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(Agenda)Tj
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(National Summit on Retirement Savings)Tj
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(June 4\2265, 1998)Tj
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(PRE-SUMMIT \226 Wednesday, June 3)Tj
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[(5:00 pm \226 7:00 pm)-2301(Summit )-18(Registration)]TJ
0 Tc 0.006 Tw 0 -1.5 TD
[(5:00 pm \226 7:00 pm)-2300(Arrival )-56(Reception)]TJ
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(DAY 1 \226 Thursday, June 4)Tj
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[(7:00 am \226 3:45 pm)-2300(Summit )-18(Registration)]TJ
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[(8:00 am - 9:00 am)-2549(Networking )-39(Buffet )-39(Breakfast)]TJ
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[(9:00 am - 9:15 am)-2550(Welcome )-18(and )-18(Procedural )-18(Remarks)]TJ
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[(Hosts:)-2449(Alexis Herman, Secretary of Labor)]TJ
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(George Allen, Former Governor of Virginia)Tj
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[(9:15 am - 10:30 am)-2001(Panel )-50(Discussion: )-50( )]TJ
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(Current State\227Saving and Education Today)Tj
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[(Panelists:)-400(Dallas L. Salisbury, Employee Benefit Research Institute \(Moderator\))]TJ
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(Mathew Greenwald, Mathew Greenwald & Associates, Inc.)Tj
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(Josie Tsao, IBM Corporation)Tj
0 Tc T*
(James S. Ray, Connerton & Ray)Tj
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(Craig Hoffman, Corbel/Sungard)Tj
0.014 Tw T*
(Ann Combs, William M. Mercer, Inc.)Tj
0 Tc -0.01 Tw -16.2 -1.5 Td
[(10:30 am - 11:00 am)-1500(Beverage )-84(Break)]TJ
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[(11:00 am - 12:15 pm)-1449(Keynote )-88(Presentations)]TJ
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[(Speakers:)-399(Richard Gephardt, House Minority Leader)]TJ
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(Trent Lott, Senate Majority Leader)Tj
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(Newt Gingrich, Speaker of the House)Tj
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(Al Gore, Vice President of the United States)Tj
0.017 Tw T*
(Bill Clinton, President of the United States)Tj
0.002 Tc 0.003 Tw -16.2 -1.5 Td
[(12:15 pm - 12:45 pm)-1398(Break)]TJ
0 Tc 0.007 Tw 0 -1.5 TD
[(12:45 pm - 1:45 pm)-1950(Networking )-119(Lunch)]TJ
0.002 Tc 0.006 Tw T*
[(1:45 pm - 2:00 pm)-2498(Break)]TJ
0.001 Tc 0.007 Tw T*
[(2:00 pm - 3:00 pm)-2499(9 )-43(Concurrent )-43(Breakout )-43(Sessions\227)]TJ
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(Employee and Employer Barriers)Tj
/T1_1 1 Tf
0.002 Tc 0.006 Tw -26.9 -1.5 Td
[(3:00 pm - 3:10 pm)-2498(Break)]TJ
0 Tc 0.008 Tw T*
[(3:10 pm - 4:10 pm)-2500(9 )-49(Concurrent )-49(Breakout )-49(Sessions\227)]TJ
/T1_2 1 Tf
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(Employee and Employer Opportunities)Tj
/T1_1 1 Tf
0 Tc 0.008 Tw -26.9 -1.5 Td
[(5:15 pm - 6:45 pm)-2500(White )-35(House )-35(Reception)]TJ
T*
[(7:30 pm - 9:30 pm)-2500(Congressional )-27(Dinner )-27(at )-27(Union )-27(Station)]TJ
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[(Speakers:)-400(Rob Portman, U.S. House of Representatives)]TJ
0.026 Tw 4.95 -1.2 Td
(Harris Fawell, U.S. House of Representatives)Tj
0.009 Tw 0 -1.2 TD
(Earl Pomeroy, U.S. House of Representatives)Tj
0.038 Tw T*
(Max Baucus, U.S. Senate)Tj
0.035 Tw T*
(Donald Payne, U.S. House of Representatives)Tj
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(DAY 2 \226 Friday, June 5)Tj
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[(8:00 am - 8:50 am)-2550(9 )-35(Concurrent )-35(Breakout )-35(Sessions)]TJ
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[(8:50 am - 9:00 am)-2548(Break)]TJ
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(33)Tj
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(There was also some disagreement about whether vesting periods should be\
reduced from five years to)Tj
0 Tc 0.026 Tw 0 -1.5 TD
(three years or whether they should be left as is.)Tj
0.001 Tc 0.023 Tw 0 -3 TD
(The multiemployer pension model was discussed as a way for small employe\
rs to group together into)Tj
0 Tc 0.026 Tw 0 -1.5 TD
(\221affinity groups\222 that could sponsor pension plans. The TIAA-CREF \
is a good model. Legislation would be)Tj
0.023 Tw T*
(necessary to make this happen on a large scale.)Tj
0.001 Tc 0 -3 TD
(Congress and the administration should enact legislation to allow people\
who have been out of the)Tj
0 -1.5 TD
(workforce to make catch-up savings in 401\(k\) accounts, and to make it \
easier for employees to move be-)Tj
0.038 Tw T*
(tween plans when they change jobs or leave the workforce.)Tj
0 Tc 0.024 Tw 0 -3 TD
(A large-scale media campaign to increase awareness of retirement savings\
would help to counteract the)Tj
0.001 Tc 0.028 Tw 0 -1.5 TD
(impact of advertisers and their \221spending\222 message. By spreading t\
he word on television and in newspapers,)Tj
T*
(multitudes of people would begin to get the retirement-savings message.)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(32)Tj
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(much they cost. The cost of administering a traditional defined benefit \
plan can be high, and employers are)Tj
0.025 Tw 0 -1.5 TD
(not aware of the low-cost alternatives. Tax laws surrounding pension pla\
ns and 401\(k\)s are too complex,)Tj
0 Tc 0.016 Tw T*
(and employers\222 risk of liability is too high. Employers hesitate to m\
ake the long-term commitment that is)Tj
0.026 Tw T*
(required in setting up retirement plans. Constant change in the tax code\
also can be a barrier to employers\222)Tj
0.001 Tc 0.025 Tw T*
(willingness to administer retirement plans.)Tj
/T1_1 1 Tf
0.01 Tc 0 -3 TD
(Opportunities)Tj
/T1_0 1 Tf
0.001 Tc 0.018 Tw 0 -1.5 TD
(The Yellow Group generated a multitude of ideas that would help to overc\
ome retirement savings barriers.)Tj
0 Tc 0.03 Tw T*
(In order to increase saving, we need to increase education about retirem\
ent savings and the savings ve-)Tj
0.011 Tw T*
(hicles that are available. We need to make the system less complex. We a\
lso need to decrease \221leakage\222 of)Tj
0.023 Tw T*
(savings that is designated for retirement and increase the portability o\
f dollars from one savings vehicle to)Tj
-0.006 Tc T*
(another.)Tj
0.001 Tc 0.026 Tw 0 -3 TD
(Improvements in education can take place through both the public sector \
and the private sector, or the two)Tj
0 Tc 0.025 Tw 0 -1.5 TD
(in cooperation with each other. Educational efforts need to be carefully\
and appropriately targeted to)Tj
0.038 Tw T*
(particular audiences. Public school curricula should include basic finan\
cial concepts about budgeting,)Tj
0.028 Tw T*
(saving, and investing, so that individuals start thinking about savings \
before they are out in the work)Tj
0.012 Tc T*
(world.)Tj
0.001 Tc 0.022 Tw 0 -3 TD
(Private companies can assist in this effort by creating partnerships wit\
h schools to teach financial literacy)Tj
0 Tc 0.021 Tw 0 -1.5 TD
(to kids. Financial institutions can help by creating savings vehicles th\
at kids or classrooms can use to)Tj
0.018 Tw T*
(invest small amounts of money. Interactive materials on the Internet and\
interactive software \(perhaps a)Tj
0.015 Tw T*
(\223Sim-401\(k\)\224\) should also be developed and targeted to kids.)Tj
0.026 Tw 0 -3 TD
(Employers and a wide variety of community groups should provide educatio\
nal services aimed at adults in)Tj
0.025 Tw 0 -1.5 TD
(cooperation with financial institutions. \223Life planning\224 seminars \
could teach employees the basics of bud-)Tj
0.001 Tc 0.022 Tw T*
(geting or the basics of investing. Educational tools such as the Securit\
ies and Exchange Commission\222s)Tj
0 Tc 0.012 Tw T*
(\223Financial Facts Toolkit\224 should be disseminated more broadly to t\
he public. Employer statements should)Tj
0.001 Tc 0.027 Tw T*
(include estimated lifetime income streams, which would show how accumula\
ted savings could translate into)Tj
0 Tc 0.028 Tw T*
(monthly payments at retirement. This would give employees a good idea of\
where they stand in their efforts)Tj
0.001 Tc 0.02 Tw T*
(to save for retirement. The Social Security Administration should mail s\
imilar statements to workers on a)Tj
0 Tc 0.039 Tw T*
(regular basis, perhaps annually. The Internal Revenue Service should sen\
d employers information on)Tj
0.026 Tw T*
(retirement plan options, and how to set up retirement plans.)Tj
0.019 Tw 0 -3 TD
(The pension system should be simplified and made more flexible for both \
employers and employees. We)Tj
0.023 Tw 0 -1.5 TD
(need to give employers more flexibility to give financial and investment\
advice without incurring liability,)Tj
0.001 Tc 0.032 Tw T*
(and we should give employers more incentives to contribute to employee r\
etirement saving. Rules for)Tj
0.023 Tw T*
(setting up and administering both defined benefit and defined contributi\
on plans should be simplified.)Tj
0 Tc 0.027 Tw T*
(Small employers should get tax credits for setting up retirement plans. \
)Tj
/T1_2 1 Tf
0.015 Tc 33.35 0 Td
(All)Tj
/T1_0 1 Tf
0.001 Tc 0.029 Tw 1.4 0 Td
(\227even part-time workers and)Tj
0 Tc 0.039 Tw -34.75 -1.5 Td
(contractors\226should have the option of having money automatically dedu\
cted from their paychecks for)Tj
0.001 Tc 0.028 Tw T*
(retirement savings. This is especially important for those whose earning\
s are low and who would otherwise)Tj
0.027 Tw T*
(have a hard time setting aside retirement savings from their paychecks.)Tj
0 Tc 0.035 Tw 0 -3 TD
(There was some discussion and definite )Tj
/T1_2 1 Tf
0.002 Tc 18.8 0 Td
(disagreement)Tj
/T1_0 1 Tf
0 Tc 6.15 0 Td
( in the yellow group over so-called \223top-heavy rules.\224)Tj
0.025 Tw -24.95 -1.5 Td
(Some felt that they should be eliminated, while others felt that top-hea\
vy rules are absolutely necessary.)Tj
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(31)Tj
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(The delegates also noted that the retirement-saving issue overlaps with \
other related policy issues, such as)Tj
0.03 Tw 0 -1.5 TD
(the overall need to increase the U.S. savings rate. Rather than expand t\
heir conversation to include this)Tj
0.04 Tw T*
(broader topic, however, members remained focused on barriers to saving )Tj
/T1_1 1 Tf
34.25 0 Td
(for retirement)Tj
/T1_0 1 Tf
0.001 Tc 6.35 0 Td
(. They then focused)Tj
0 Tc 0.029 Tw -40.6 -1.5 Td
(on opportunities to overcome savings barriers within both the private an\
d public sectors.)Tj
/T1_2 1 Tf
0.004 Tc 0.145 Tw 0 -3 TD
(Individual Barriers)Tj
/T1_0 1 Tf
0.001 Tc 0.021 Tw 0 -1.5 TD
(Lack of income was one of the first barriers to individual retirement sa\
vings that was mentioned by this)Tj
0.025 Tw T*
(group. For single heads of households, incomes can be stretched just to \
meet the bare necessities, and any)Tj
0 Tc 0.029 Tw T*
(savings may be designated for other purposes besides retirement\227espec\
ially saving for college.)Tj
0 -3 TD
(Lack of education is another significant barrier to individual retiremen\
t savings. Many individuals don\222t)Tj
0.001 Tc 0.025 Tw 0 -1.5 TD
(feel that they need to save for retirement because they believe that Soc\
ial Security will provide adequate)Tj
0 Tc 0.027 Tw T*
(retirement income. They see older generations living comfortably in reti\
rement today, and think that things)Tj
0.001 Tc T*
(will all \221work out\222 somehow for the current generation of workers \
as well.)Tj
0.03 Tw 0 -3 TD
(Basic financial terminology and concepts such as the power of compoundin\
g are not a part of the curricu-)Tj
0 Tc 0.024 Tw 0 -1.5 TD
(lum at most public schools. As a result, high school graduates and even \
college graduates are not aware of)Tj
T*
(the tools that are available for retirement savings. Nor are they aware \
of the benefits of using retirement)Tj
0.031 Tw T*
(savings vehicles such as employer-sponsored 401\(k\) plans and individua\
l retirement accounts.)Tj
0.028 Tw 0 -3 TD
(The yellow group focused on the complexity of the retirement savings tas\
k as a significant barrier for)Tj
0.001 Tc 0.027 Tw 0 -1.5 TD
(individuals to overcome. Even for people who are well educated about fin\
ancial matters, the process of)Tj
0 Tc 0.033 Tw T*
(coming up with a retirement saving goal \(including determining one\222s\
own retirement age and subsequent)Tj
0.001 Tc 0.026 Tw T*
(life expectancy\), developing a strategy, and carrying it out is a daunt\
ing task. For people less well educated)Tj
0 Tc 0.03 Tw T*
(in financial matters, the task can be overwhelming.)Tj
0.001 Tc 0.034 Tw 0 -3 TD
(Our consumer culture is another barrier to savings. The media encourage \
people to spend and consume)Tj
0.018 Tw 0 -1.5 TD
(more all the time. Along with the easy availability of credit, this lead\
s people to spend more than they earn;)Tj
0 Tc 0.034 Tw T*
(many people live from paycheck to paycheck because of their out-of-contr\
ol spending habits. In addition,)Tj
0.018 Tw T*
(many individuals have a \223lottery mentality.\224 They purchase lottery\
tickets in the hopes of hitting it big)Tj
0.001 Tc 0.021 Tw T*
(someday, but don\222t realize how much more productive it would be to pu\
t their money into retirement)Tj
0.002 Tc 0.07 Tw T*
(savings accounts.)Tj
0 Tc 0.027 Tw 0 -3 TD
(For people who have gotten the savings message and are saving for retire\
ment, tax laws create barriers by)Tj
0.022 Tw 0 -1.5 TD
(limiting the amount that can be placed in 401\(k\) and IRA accounts. Man\
y people do not put money into)Tj
0.029 Tw T*
(these accounts because tax laws are so complex that they don\222t unders\
tand how the accounts work.)Tj
/T1_2 1 Tf
0.002 Tc 0.14 Tw 0 -3 TD
(Employer Barriers)Tj
/T1_0 1 Tf
0 Tc 0.028 Tw 0 -1.5 TD
(Employers face many barriers to helping their employees save for retirem\
ent. Some employers don\222t feel)Tj
0.032 Tw T*
(responsible for the retirement security of their employees. Employees us\
ually put a higher priority on)Tj
0.023 Tw T*
(better wages and access to health care, so retirement plans can be a low\
priority for employees and employ-)Tj
0.029 Tw T*
(ers alike. Employers do not understand the competitive advantage that ca\
n be gained from educating)Tj
0.001 Tc 0.038 Tw T*
(employees about retirement savings.)Tj
0.02 Tw 0 -3 TD
(For employers, particularly small business owners, there is little busin\
ess case for setting up a retirement)Tj
0.022 Tw 0 -1.5 TD
(plan unless employees demand it. Employers also lack education in how to\
set up retirement plans and how)Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(30)Tj
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(Delegates also said ineligibility for employment-based pension plans \(d\
ue to age restrictions and lack of)Tj
0.024 Tw 0 -1.5 TD
(sponsorship\), lack of pension asset portability, IRA eligibility rules,\
and current consumption needs all)Tj
0.035 Tw T*
(represent barriers to individual saving for retirement.)Tj
0.001 Tc 0.03 Tw 0 -3 TD
(Employers face a number of barriers in the retirement-savings arena. Mem\
bers of the silver group men-)Tj
0.033 Tw 0 -1.5 TD
(tioned over-regulation numerous times, especially involving small employ\
ers. Delegates also suggested that)Tj
0 Tc T*
(employees prefer cash wages over tax-deferred savings, that vesting sche\
dules are too short to induce)Tj
0.034 Tw T*
(employers to offer plans, and that employer margins aren\222t high enoug\
h.)Tj
0.001 Tc 0.027 Tw 0 -3 TD
(Inadequate education was mentioned as one of the greatest barriers to in\
creased public awareness. Group)Tj
0.022 Tw 0 -1.5 TD
(members said education is needed at both the individual and employer lev\
el. Individuals need to be edu-)Tj
0 Tc 0.025 Tw T*
(cated on the basic principles of investing, for instance, and employers \
need to be educated on the benefits of)Tj
0.001 Tc 0.037 Tw T*
(offering defined benefit plans.)Tj
0 Tc 0.03 Tw 0 -3 TD
(The group agreed that employers should provide basic education to employ\
ees, but they did not agree on)Tj
0.039 Tw 0 -1.5 TD
(the role of the government. Some in the group thought the government has\
not done enough to educate the)Tj
0.001 Tc 0.03 Tw T*
(public on the retirement issue, while others thought it already has done\
too much.)Tj
0.029 Tw 0 -3 TD
(The group also discussed what message should be conveyed. While there wa\
s not widespread agreement on)Tj
0 Tc 0.025 Tw 0 -1.5 TD
(this question, some members of the group thought the message should be s\
implified, and targeted to reach)Tj
0.019 Tw T*
(low-income people. Delegates also said the message should be emphasized \
by the media.)Tj
/T1_1 1 Tf
0.01 Tc 0 -3 TD
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0.032 Tw 0 -1.5 TD
(Perhaps the only thing the group agreed on was the need for additional p\
rivate-sector education. Some)Tj
0.001 Tc 0.029 Tw T*
(examples of what was agreed on include:)Tj
0 Tc 0.034 Tw 1.8 -1.5 Td
[(\225)-1194(There should be more media outreach efforts.)]TJ
0.048 Tw T*
[(\225)-1194(Pension counseling should be expanded.)]TJ
0.001 Tc 0.018 Tw T*
[(\225)-1193(Everybody should be educated about the benefits of starting early. For i\
nstance, financial institu-)]TJ
0.038 Tw 1.8 -1.5 Td
(tions should be encouraged to have products for school-age children.)Tj
0.023 Tw -1.8 -1.5 Td
[(\225)-1193(More effort should be made to make people aware that life expectancy is \
increasing, and that people)]TJ
0 Tc 0 Tw 1.8 -1.5 Td
(should save accordingly.)Tj
0.001 Tc 0.021 Tw -1.8 -1.5 Td
[(\225)-1193(People should be informed about the full range of options available to t\
hem)]TJ
0.025 Tw T*
[(\225)-1193(We should coordinate policy-making with those we hope will sell the prod\
uct.)]TJ
0 Tc 0.033 Tw -1.8 -3 Td
(Beyond these areas of agreement there were a wide range of views. Althou\
gh the group knew what is)Tj
0.001 Tc 0.025 Tw T*
(meant by portable pensions, for instance, its members could not agree on\
language to include a bullet point)Tj
0.018 Tw T*
(on that issue in its report.)Tj
/T1_1 1 Tf
0.055 Tw 0 -3 TD
(I. \223Yellow\224 Group)Tj
/T1_0 1 Tf
0.019 Tw 0 -1.5 TD
(The Yellow Group engaged in a lively discussion on individual and employ\
er barriers to retirement savings)Tj
0.033 Tw T*
(and on opportunities for overcoming these barriers. Participants agreed \
that overcoming barriers will)Tj
0.013 Tw T*
(require different strategies for different segments of society.)Tj
0 Tc 0.021 Tw 0 -3 TD
(The group agreed that lack of income is a significant barrier to savings\
for some people. It said that society)Tj
0.001 Tc 0.03 Tw 0 -1.5 TD
(must maintain a safety net for those who cannot provide for themselves. \
The group concentrated on ad-)Tj
0.026 Tw T*
(dressing barriers faced by people who do have adequate income \(along wi\
th the barriers faced by employ-)Tj
0.008 Tc T*
(ers\).)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(29)Tj
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[(\225)-1193(Small employers should qualify for tax credits to help offset costs.)]TJ
0 Tc 0 -1.5 TD
[(\225)-1194(Employees should be allowed to make voluntary, tax deductible contributi\
ons to defined benefit)]TJ
0.001 Tc 0.027 Tw 1.8 -1.5 Td
(plans \(this would mean allowing individual accounts within defined bene\
fit plans\). These funds)Tj
0 Tc 0.028 Tw T*
(would be managed by the defined benefit plan managers.)Tj
0.001 Tc 0.024 Tw -1.8 -1.5 Td
[(\225)-1193(Employers should be encouraged to establish automatic enrollment in 401\(\
k\) plans and require)]TJ
0 Tc 0.022 Tw 1.8 -1.5 Td
(employees to make written requests to opt out.)Tj
0.025 Tw -1.8 -1.5 Td
[(\225)-1194(Catch-up provisions should be allowed in retirement plans, enabling late\
-starting savers and people)]TJ
0.032 Tw 1.8 -1.5 Td
(who had to withdraw funds prematurely to build or rebuild their retireme\
nt-fund balances. Employ-)Tj
0.001 Tc 0.028 Tw T*
(ees should be held responsible to report such transactions on their tax \
returns, rather than requir-)Tj
0 Tc 0.009 Tw T*
(ing employers to certify their tax eligibility.)Tj
/T1_1 1 Tf
0 Tw -1.8 -1.5 Td
(\225)Tj
/T1_0 1 Tf
0.001 Tc 0.03 Tw 1.8 0 Td
(Eliminate highly compensated employee caps so employees can catch up wit\
hout higher paid)Tj
0 Tc 0.045 Tw T*
(employees having to reduce their contributions)Tj
/T1_1 1 Tf
0 Tw -1.8 -1.5 Td
(\225)Tj
/T1_0 1 Tf
0.017 Tw 1.8 0 Td
(All limits should be taken off of savings vehicles)Tj
0.031 Tw -1.8 -1.5 Td
[(\225)-1194(We should create incentives for savings and discourage consumption, perh\
aps by prohibiting lump-)]TJ
0.001 Tc 0.015 Tw 1.8 -1.5 Td
(sum payouts of employer-provided money.)Tj
0.007 Tw -3.6 -1.5 Td
(2. Reduce complexity, risk and cost.)Tj
0 Tc 0.011 Tw 1.8 -1.5 Td
[(\225)-1194(We should create special small employer plans.)]TJ
0.014 Tw T*
[(\225)-1194(We should use plain English in laws.)]TJ
0.001 Tc 0.02 Tw T*
[(\225)-1193(We should reduce penalties and add incentives)]TJ
0 Tc 0.045 Tw -1.8 -1.5 Td
(3. Research)Tj
0.02 Tw 1.8 -1.5 Td
[(\225)-1194(We should find out what nations with higher savings rates do \(e.g. Japa\
n\222s Post Office Savings)]TJ
0.001 Tc 0.018 Tw 1.8 -1.5 Td
(Plan\), and study whether the same strategies could be used in this coun\
try.)Tj
0 Tc 0.054 Tw -3.6 -1.5 Td
(4. Change our language)Tj
0.024 Tw 1.8 -1.5 Td
[(\225)-1194(We should talk about \223lifetime savings\224 rather than \223retirement\
.\224 The former would register with)]TJ
0.001 Tc 0.034 Tw 1.8 -1.5 Td
(the young, while the latter does not.)Tj
0.002 Tc -0.01 Tw -3.6 -1.5 Td
(5. Voluntary efforts)Tj
0 Tc 0.03 Tw 1.8 -1.5 Td
[(\225)-1194(M)-1(embers of the investment, pension and savings community should volunteer\
to talk to students)]TJ
-0.002 Tc 0.04 Tw 1.8 -1.5 Td
(and others)Tj
/T1_1 1 Tf
0.001 Tc 0.07 Tw -3.6 -3 Td
(H. \223Silver\224 Group)Tj
/T1_0 1 Tf
0.022 Tw T*
(It is an understatement to say that there was a tremendous amount of div\
ersity of opinions in this group.)Tj
0 Tc 0.034 Tw T*
(Members of the group represented a continuum of opinions about what shou\
ld be done, ranging from those)Tj
0.026 Tw T*
(who want fundamental tax and entitlement reform to those who believe the\
existing system is sound, but)Tj
0.001 Tc 0.024 Tw T*
(needs simplification and improvement. There also appeared to be a third \
group who did not completely)Tj
0.032 Tw T*
(espouse either of the more divergent positions.)Tj
/T1_1 1 Tf
0.009 Tc 0 -3 TD
(Barriers)Tj
/T1_0 1 Tf
0 Tc 0.03 Tw 0 -1.5 TD
(Members of the group mentioned many barriers that affect retirement savi\
ngs at the individual, employer)Tj
T*
(and public awareness level.)Tj
0.031 Tw 0 -3 TD
(Income inadequacy was mentioned as a general barrier to increased retire\
ment savings among individuals;)Tj
0.001 Tc 0.022 Tw 0 -1.5 TD
(some attributed this barrier to the type of jobs some people hold \(part\
-time, contingent, or in certain indus-)Tj
0.03 Tw T*
(tries where employer-sponsored pensions are rare\). Others argued that i\
ncome is inadequate because of)Tj
0 Tc 0.035 Tw T*
(overtaxation and inefficiencies in the tax code.)Tj
-0.001 Tc 9 0 0 9 566.5 21.5 Tm
(28)Tj
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(6. The consumer culture creates too much pressure to spend.)Tj
0.001 Tc 0.02 Tw 0 -1.5 TD
(7. Lack of personal responsibility)Tj
/T1_1 1 Tf
0 Tc 0.057 Tw 0 -3 TD
(What can the private sector and other non-governmental organizations do \
to address the barri-)Tj
0.002 Tc 0 -1.5 TD
(ers?)Tj
/T1_0 1 Tf
0.001 Tc 0.025 Tw T*
(1. Better educational efforts)Tj
0 Tc 0.022 Tw 1.8 -1.5 Td
[(\225)-1194(People need materials that are easier to understand.)]TJ
0.024 Tw T*
[(\225)-1194(Educational materials should be targeted to specific audiences, such as \
savers, non-savers, specific)]TJ
0.001 Tc 0.04 Tw 1.8 -1.5 Td
(ethnic groups, people with higher or lower educational levels.)Tj
0 Tc 0.035 Tw -1.8 -1.5 Td
[(\225)-1194(Minorities and low-income groups should be approached by groups they tru\
st.)]TJ
0.001 Tc 0.019 Tw -1.8 -1.5 Td
(2. More access to educational materials)Tj
0 Tc 0.029 Tw 1.8 -1.5 Td
[(\225)-1194(We should build a central clearinghouse/repository for information on re\
tirement savings \(at the)]TJ
0.03 Tw 1.8 -1.5 Td
(Department of Labor or in business groups, for instance\).)Tj
0.014 Tw -1.8 -1.5 Td
[(\225)-1194(More materials should be made available to small employers.)]TJ
0.026 Tw -1.8 -1.5 Td
(3. More educational materials should be developed)Tj
0.043 Tw 1.8 -1.5 Td
[(\225)-1194(Public-private partnerships are needed.)]TJ
0.028 Tw T*
[(\225)-1194(Groups such as Junior Achievement, the Chambers of Commerce, Jump$tart C\
oalition, schools)]TJ
0.031 Tw 1.8 -1.5 Td
(should be involved. The range of partners should be broadened to include\
more than business-)Tj
0.085 Tw T*
(oriented groups.)Tj
0.001 Tc 0.014 Tw -1.8 -1.5 Td
[(\225)-1193(We need to develop standard forms and materials. This would result in su\
bstantial cost savings for)]TJ
0.02 Tw 1.8 -1.5 Td
(small employers.)Tj
0 Tc 0.03 Tw -1.8 -1.5 Td
[(\225)-1194(Better ad campaigns would increase demand by employees, and thereby put \
pressure on employers)]TJ
0.002 Tc 0.027 Tw 1.8 -1.5 Td
(to do more.)Tj
0 Tc 0.022 Tw -1.8 -1.5 Td
[(\225)-1194(Ad campaigns should have major public and private funding, be aired in p\
rime time, and be as)]TJ
0.017 Tw 1.8 -1.5 Td
(strong as anti-smoking and seat belt efforts.)Tj
0.001 Tc 0.019 Tw -3.6 -1.5 Td
(4. Make it easier to save: multiemployer plans)Tj
0.033 Tw 1.8 -1.5 Td
[(\225)-1193(Multiemployer plans for small employers should be encouraged.)]TJ
0.025 Tw T*
[(\225)-1193(The issue of funding liability when an employer drops out should be addr\
essed.)]TJ
0.015 Tw -1.8 -1.5 Td
(5. Make it easier to save: other steps)Tj
/T1_1 1 Tf
0 Tc 0 Tw 1.8 -1.5 Td
(\225)Tj
/T1_0 1 Tf
0.001 Tc 0.022 Tw 1.8 0 Td
(We should give kids opportunities to save starting in elementary school.\
)Tj
/T1_1 1 Tf
0 Tc 0 Tw -1.8 -1.5 Td
(\225)Tj
/T1_0 1 Tf
0.022 Tw 1.8 0 Td
(We should permit payroll deductions for \223retirement\224 or \223life s\
avings\224 bonds that would earn more)Tj
0.035 Tw T*
(than savings bonds.)Tj
0.001 Tc 0.022 Tw -1.8 -1.5 Td
[(\225)-1193(We should give tax credits to employees in lower income brackets.)]TJ
0 Tc T*
[(\225)-1194(We should give tax credits to employers to set up retirement savings veh\
icles.)]TJ
0.001 Tc 0.016 Tw T*
[(\225)-1193(We should allow tax-deferred dollars, such as in 401\(k\)s \(up to a cer\
tain amount\) to be used for)]TJ
0 Tc 0.025 Tw 1.8 -1.5 Td
(financial planning help, give financial planning the same status in cafe\
teria plans as group legal)Tj
0.001 Tc 0.029 Tw T*
(services, stop imputing income for employer-provided financial services \
and repeal the limit on)Tj
0.036 Tw T*
(itemized deductions for financial planning services.)Tj
0 Tc 0.026 Tw -1.8 -1.5 Td
[(\225)-1194(We should provide government matching funds up to a certain amount if em\
ployees put part of)]TJ
0.001 Tc 0.031 Tw 1.8 -1.5 Td
(their tax payments into a federally managed retirement savings account.)Tj
0 Tc 0.027 Tw -1.8 -1.5 Td
[(\225)-1194(We should provide more incentives for financial institutions to gear pro\
grams to the very small)]TJ
0.008 Tc 1.8 -1.5 Td
(investor.)Tj
0 Tc -3.6 -1.5 Td
(6. We should recommit ourselves, as matter of public-private policy, to \
employer-based plans, reinforce the)Tj
0.001 Tc 0.02 Tw T*
(social contract and alleviate individual risk)Tj
/T1_1 1 Tf
-0.001 Tc 0.039 Tw 0 -3 TD
(What can the public sector do to address the barriers?)Tj
/T1_0 1 Tf
0 Tc 0.065 Tw 0 -1.5 TD
(1. Incentives)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(27)Tj
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(What are the barriers employers face in providing opportunities to help \
their employees pre-)Tj
0.057 Tw 0 -1.5 TD
(pare for retirement?)Tj
/T1_1 1 Tf
0.041 Tw T*
(1. Government regulations \(IRS, DOL, SEC\))Tj
0.037 Tw 1.8 -1.5 Td
[(\225)-1194(Government focuses on preventing abuses vs. giving incentives \(the stic\
k is bigger than the carrot\).)]TJ
0.001 Tc 0.022 Tw T*
[(\225)-1193(Rules are too complex, especially for small employers. The cost per empl\
oyee of compliance is)]TJ
0.007 Tc 1.8 -1.5 Td
(excessive.)Tj
0 Tc 0.012 Tw -1.8 -1.5 Td
[(\225)-1194(Defined benefit plans are regulated too heavily.)]TJ
0.026 Tw T*
[(\225)-1194(Defined benefit plan contribution limits and testing rules discourage sp\
onsorship by some employ-)]TJ
0.005 Tc 1.8 -1.5 Td
(ers.)Tj
0 Tc 0.025 Tw -1.8 -1.5 Td
[(\225)-1194(Rules aren\222t stable, creating a problem for employers and employees, \
who are expected to plan for)]TJ
0.001 Tc 1.8 -1.5 Td
(40 years.)Tj
0.028 Tw -1.8 -1.5 Td
[(\225)-1193(Back-loading or catch-up provisions are prohibited. This represents a ba\
rrier to those who leave the)]TJ
0.032 Tw 1.8 -1.5 Td
(workforce for periods of time.)Tj
0 Tc 0.022 Tw -1.8 -1.5 Td
[(\225)-1194(Defined benefit plans prohibit accelerating payments later in life. Allo\
w employers to make addi-)]TJ
0.001 Tc 0.032 Tw 1.8 -1.5 Td
(tional contributions for newly hired older workers who do not have time \
to accrue a meaningful)Tj
0.003 Tc T*
(benefit.)Tj
-0.001 Tc 0.035 Tw -3.6 -1.5 Td
(2. Multiemployer plans)Tj
0.001 Tc 0.022 Tw 1.8 -1.5 Td
[(\225)-1193(Lack of industry-based multiemployer plans for small employers)]TJ
0 Tc 0.03 Tw T*
[(\225)-1194(Serious funding liability issue when an employer drops out.)]TJ
0.002 Tc 0.018 Tw -1.8 -1.5 Td
(3. Other small employer issues)Tj
0.001 Tc 0.021 Tw 1.8 -1.5 Td
[(\225)-1193(Employees are interested in more immediate benefits.)]TJ
0 Tc 0.031 Tw T*
[(\225)-1194(Employer contributions and administration costs too much.)]TJ
-0.001 Tc 0.076 Tw -1.8 -1.5 Td
(4. Funding/revenue issues)Tj
0.001 Tc 0.042 Tw 1.8 -1.5 Td
[(\225)-1193(Government treats pension plans as revenue generators.)]TJ
0.027 Tw T*
[(\225)-1193(The federal budget scores benefits as expenditures)]TJ
0.026 Tw T*
[(\225)-1193(Some measures \(Roth IRAs, for instance\) cause revenue losses that only\
come years after they are)]TJ
0.007 Tc 1.8 -1.5 Td
(enacted.)Tj
0.001 Tc 0.019 Tw -3.6 -1.5 Td
(5. Employers fear lawsuits arising from statements they make to employee\
s in plans and literature.)Tj
0.026 Tw T*
(6. Clash of goals: government favors shorter-term vesting, but employers\
want to reward longevity.)Tj
/T1_0 1 Tf
0 Tc 0.046 Tw 0 -3 TD
(What are the barriers to increasing public awareness of the value of sav\
ing for retirement?)Tj
/T1_1 1 Tf
0.035 Tw 0 -1.5 TD
(1. The message is not reaching young people.)Tj
0.001 Tc 0.03 Tw 1.8 -1.5 Td
[(\225)-1193(Schools don\222t teach about saving and investing.)]TJ
0 Tc 0.016 Tw T*
[(\225)-1194(Commercials never suggest that the young will be old some day.)]TJ
0.029 Tw T*
[(\225)-1194(Financial help cannot be found in the media young people tend to see.)]TJ
0.001 Tc 0.032 Tw -1.8 -1.5 Td
(2. Complexity of the information.)Tj
0.056 Tw 1.8 -1.5 Td
[(\225)-1193(Almost requires one-on-one counseling)]TJ
-0.001 Tc -0.002 Tw -1.8 -1.5 Td
(3. Liability issues)Tj
0.001 Tc 0.026 Tw 1.8 -1.5 Td
[(\225)-1193(Employers who give employees advice can be sued as fiduciaries. This for\
ces employers to focus on)]TJ
0 Tc 0.023 Tw 1.8 -1.5 Td
(broad education or to use third parties.)Tj
0.04 Tw -3.6 -1.5 Td
(4. Cultural differences)Tj
0.031 Tw 1.8 -1.5 Td
[(\225)-1194(There is a lack of outreach information for people of other cultures or \
languages.)]TJ
0.001 Tc 0.029 Tw T*
[(\225)-1193(Some people from other cultures do not trust their employers.)]TJ
0 Tc 0.027 Tw -1.8 -1.5 Td
(5. Lack of research on other nations: We have not learned any lessons fr\
om nations with higher savings)Tj
-0.001 Tc 3.6 -1.5 Td
(rates)Tj
9 0 0 9 566.5 21.5 Tm
(26)Tj
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(establishing a national savings priority policy similar to the national \
savings-bond drive. Members of the)Tj
0.001 Tc 0.029 Tw 0 -1.5 TD
(group also said we need to prevent leakage of money from retirement savi\
ngs accounts, and we should)Tj
T*
(encourage credit card companies to teach credit card responsibilities.)Tj
0.023 Tw 0 -3 TD
(We also should reduce tax burdens and disincentives. For instance, we co\
uld offer a tax credit for 401\(k\)s,)Tj
0 Tc 0.035 Tw 0 -1.5 TD
(change the tax code to promote savings rather than consumption, provide \
stronger incentives for small)Tj
0.001 Tc 0.028 Tw T*
(employers to establish plans, reduce the federal tax burden, or provide \
a saved-income credit for low-income)Tj
0.007 Tc T*
(groups.)Tj
0.001 Tc 0.02 Tw 0 -3 TD
(Finally, the group said aggressive education programs could lead to chan\
ge. We need to begin to educate)Tj
0 Tc 0.023 Tw 0 -1.5 TD
(within families and in the early school years, paying special attention \
to language barriers. We need to)Tj
0.001 Tc T*
(provide for initial and continual education for workers and retirees. An\
d both public and private sectors)Tj
0.025 Tw T*
(need to support educational efforts by grass roots organizations.)Tj
/T1_1 1 Tf
0.037 Tw 0 -3 TD
(G. \223Red\224 Group)Tj
/T1_0 1 Tf
0.022 Tw 0 -1.5 TD
(The Red Group\222s summary below is laid out in essentially the same ord\
er the discussions took place during)Tj
0.021 Tw T*
(the break-out sessions. Items that are marked with an asterisk were repo\
rted in the plenary session \(the)Tj
0.017 Tw T*
(group decided at the end of its last session that its report should focu\
s on opportunities and action steps,)Tj
0 Tc 0.045 Tw T*
(rather than barriers\).)Tj
0.033 Tw 0 -3 TD
(There was remarkably little controversy. When it occurred, it is noted i\
n parentheses.)Tj
/T1_1 1 Tf
0.053 Tw T*
(What are the barriers individuals face in saving for retirement?)Tj
/T1_0 1 Tf
0.001 Tc 0.037 Tw 0 -1.5 TD
(1. Lack of knowledge)Tj
0 Tc 0.043 Tw 1.8 -1.5 Td
[(\225)-1194(Elementary/secondary schools don\222t teach about financial planning.)]TJ
0.001 Tc 0.045 Tw T*
[(\225)-1193(People lack general knowledge about retirement programs/options/and the \
power of compounding.)]TJ
0.017 Tw -1.8 -1.5 Td
(2. Faulty assumptions)Tj
0 Tc 0.03 Tw 1.8 -1.5 Td
[(\225)-1194(Many assume Social Security will pay what they need.)]TJ
0.036 Tw T*
[(\225)-1194(Some expect defined benefit plans, even though the number is declining)]TJ
0.001 Tc 0.021 Tw T*
[(\225)-1193(People assume their employers will \223take care\224 of them.)]TJ
0 Tc 0.03 Tw T*
[(\225)-1194(People do not recognize the likelihood of needing to pay for long-term c\
are costs)]TJ
0.032 Tw -1.8 -1.5 Td
(3. Lack of incentives)Tj
0.001 Tc 0.031 Tw 1.8 -1.5 Td
[(\225)-1193(Social values don\222t support planning for the future.)]TJ
0 Tc 0.026 Tw T*
[(\225)-1194(Americans today have no disciplined habit of saving.)]TJ
0.001 Tc 0.013 Tw T*
[(\225)-1193(Some in group felt that defined benefit plans encourage passivity. Sever\
al participants disputed this)]TJ
-0.045 Tw 1.8 -1.5 Td
(view, however.)Tj
0.016 Tw -1.8 -1.5 Td
[(\225)-1193(Not all employee benefits statements reflect savings gains)]TJ
0 Tc 0.033 Tw -1.8 -1.5 Td
(4. Many people lack access to retirement plans \(whether employer-provid\
ed or not\).)Tj
0.001 Tc 0.016 Tw T*
(5. Lack of dollars to invest)Tj
0.029 Tw 1.8 -1.5 Td
[(\225)-1193(People need money for other purposes \(to pay off consumer debt or stude\
nt loans, meet long-term)]TJ
0.021 Tw 1.8 -1.5 Td
(care costs, pay expenses following loss of job etc.\). Some group partic\
ipants disputed this, asserting)Tj
0 Tc 0.014 Tw T*
(that anyone can save at least a little.)Tj
0.024 Tw -1.8 -1.5 Td
[(\225)-1194(The tax burden on individuals makes it hard to save.)]TJ
T*
[(\225)-1194(Part-time employees and independent contractors need to be able to vest \
faster and have portability)]TJ
0.026 Tw -1.8 -1.5 Td
(6. Employees have to fill out too much paperwork to make changes in thei\
r savings decisions)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(25)Tj
ET
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0.001 Tc 0.027 Tw 10 0 0 10 54 736 Tm
(group was not driven to find a consensus or forced to vote on issues. A \
second important ground rule was)Tj
0.013 Tw 0 -1.5 TD
(that Social Security was off limits.)Tj
/T1_1 1 Tf
0.009 Tc 0 -3 TD
(Barriers)Tj
/T1_2 1 Tf
0 Tc 0.135 Tw 0 -1.5 TD
(Individual Barriers)Tj
/T1_0 1 Tf
0.036 Tw T*
(The purple group agreed that there is too much complexity and rigidity i\
n the current retirement-savings)Tj
0.001 Tc 0.025 Tw T*
(system. For example, IRA rules have become disincentives to savings. Par\
ticipants also expressed concern)Tj
0.021 Tw T*
(about the lack of portability between retirement plans and the inability\
of workers to enter into plans)Tj
0 Tc 0.014 Tw T*
(earlier. Also, tax burdens take away from retirement savings.)Tj
0.022 Tw 0 -3 TD
(Another theme is that there is a cultural bias in the U.S. toward consum\
ption. Saving is not a national)Tj
0.001 Tc 0.032 Tw 0 -1.5 TD
(priority. Minorities, women, and low-income individuals have little or n\
o money to save. This, combined)Tj
0 Tc 0.022 Tw T*
(with a lack of education for individuals and low levels of trust in savi\
ngs and financial instruments does not)Tj
0.023 Tw T*
(encourage saving. Additionally, there are many misconceptions about reti\
rement plans and saving among)Tj
0.021 Tw T*
(both individuals and employers. The fact that there is little or no educ\
ation in basic math and financial)Tj
0.024 Tw T*
(literacy in family and schools has not helped.)Tj
/T1_2 1 Tf
0.002 Tc 0.09 Tw 0 -3 TD
(Employer Barriers)Tj
/T1_0 1 Tf
0 Tc 0.033 Tw 0 -1.5 TD
(When examining barriers for employers, the group sounded a similar theme\
. Again, there is too much)Tj
0.02 Tw T*
(complexity, and employers perceive the costs of sponsoring retirement pl\
ans to be high. Employers also)Tj
0.035 Tw T*
(have priorities other than setting up a retirement plan\227including ens\
uring success of their companies.)Tj
0.001 Tc 0.023 Tw T*
(When combined with a lack of interest or demand by employees for retirem\
ent benefits, this leads employ-)Tj
T*
(ers to conclude that retirement benefits are not a top priority. In addi\
tion, there has been a lack of educa-)Tj
0 Tc T*
(tion among employers about available retirement programs and costs assoc\
iated with them.)Tj
0.001 Tc 0 -3 TD
(Some see a lack of a business nexus that would prompt employers to becom\
e more active in achieving the)Tj
0 Tc 0.028 Tw 0 -1.5 TD
(goals of the Summit. For example, what is the business connection in try\
ing to help low-wage earners save?)Tj
/T1_2 1 Tf
0.001 Tc 0.093 Tw 0 -3 TD
(Public Awareness Barriers)Tj
/T1_0 1 Tf
0.023 Tw 0 -1.5 TD
(With respect to barriers to public awareness, the discussion revolved ar\
ound two issues. The first involved)Tj
0 Tc 0.028 Tw T*
(language barriers, which delegates said affect individuals for whom Engl\
ish is a second language and)Tj
0.023 Tw T*
(individuals for whom it is the first language. The second area was that \
there is no objective advocate for)Tj
0.025 Tw T*
(individuals on retirement-savings issues: from the standpoint of the con\
sumer, delegates said, who can you)Tj
0.002 Tc T*
(trust?)Tj
/T1_1 1 Tf
0.01 Tc 0 -3 TD
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0.038 Tw 0 -1.5 TD
(The group found two overarching themes when it comes to opportunities fo\
r improving the current situa-)Tj
0.026 Tw T*
(tion: 1\) it said we need to find customer-centered solutions, and 2\) w\
e need a greater partnership between)Tj
0.041 Tw T*
(public, private and non-profit organizations.)Tj
-0.002 Tw 0 -3 TD
(The group also saw a need for greater simplicity, clarity, constancy, an\
d flexibility. For example, it suggested)Tj
0.029 Tw 0 -1.5 TD
(developing simple, universal IRAs for all savings, allowing portability \
between different retirement savings)Tj
0.001 Tc 0.023 Tw T*
(vehicles, and allowing phased retirement. We also need to educate employ\
ers on how to set up low-cost)Tj
T*
(plans.)Tj
0 Tc 0.038 Tw 0 -3 TD
(Another opportunity for change involves cultural attitudes toward saving\
. Some delegates suggested)Tj
-0.001 Tc 9 0 0 9 568 21.5 Tm
(24)Tj
ET
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0.001 Tc 0.024 Tw 10 0 0 10 54 737.5 Tm
(Vesting periods should be shortened, and taxes and regulatory burdens on\
small businesses should be)Tj
0.005 Tc 0 -1.5 TD
(examined.)Tj
0 Tc 0.025 Tw 0 -3 TD
(Business and government must continue to maintain effective partnerships\
. We must find more ways to)Tj
0.041 Tw 0 -1.5 TD
(encourage multiemployer types of retirement plans. We must encourage mor\
e private-sector contributions)Tj
0.001 Tc 0.029 Tw T*
(to the education of individuals.)Tj
0 Tc 0.021 Tw 0 -3 TD
(We should explore the idea of taxing consumption and not savings. We sho\
uld advance legislation to in-)Tj
0.001 Tc 0.024 Tw 0 -1.5 TD
(crease portability of retirement savings. And we should support opportun\
ities to roll over retirement invest-)Tj
0.004 Tc T*
(ments.)Tj
/T1_1 1 Tf
0 Tc 0.11 Tw 0 -3 TD
(Lifetime Education)Tj
/T1_0 1 Tf
0.025 Tw 0 -1.5 TD
(Barriers to education certainly include the lack of quality and accurate\
information available to a variety of)Tj
0.034 Tw T*
(individuals. There are many misperceptions and misunderstandings about t\
he nomenclature used by)Tj
0.001 Tc 0.05 Tw T*
(retirement professionals.)Tj
0.025 Tw 0 -3 TD
(There is a lack of educational opportunities and content. We need to sta\
rt educating people about retire-)Tj
0.016 Tw 0 -1.5 TD
(ment issues and finance earlier. We must find ways to teach and understa\
nd the complexities of savings)Tj
0.026 Tw T*
(and such issues as compound interest.)Tj
0.019 Tw 0 -3 TD
(We must find ways to capitalize on the advent of new media and communica\
tions skills. Members talked)Tj
0.021 Tw 0 -1.5 TD
(about placing kiosks in malls where the kids are walking around, finding\
ways to use e-mail, and capitaliz-)Tj
0.029 Tw T*
(ing on the entertainment world: maybe we need Oprah to help us, or perha\
ps we need to think about)Tj
0.014 Tw T*
(enlisting sports stars to speak out about retirement issues.)Tj
0.027 Tw 0 -3 TD
(School partnerships, earlier education and education throughout the life\
span will be critical as we help)Tj
0 Tc 0.025 Tw 0 -1.5 TD
(individuals understand the risks they must consider\227risks that includ\
e changes in life expectancy, unan-)Tj
0.001 Tc 0.018 Tw T*
(ticipated changes in personal lives, or the possibility that one will be\
come disabled or suffer health prob-)Tj
0 Tc 0.011 Tw T*
(lems later in life.)Tj
/T1_1 1 Tf
-0.001 Tc 0.055 Tw 0 -3 TD
(F. \223Purple\224 Group)Tj
/T1_0 1 Tf
0.001 Tc 0.026 Tw 0 -1.5 TD
(The group met twice to discuss a series of questions concerning barriers\
and opportunities for individuals)Tj
0.024 Tw T*
(and employers. It held a third meeting to summarize the prior meetings a\
nd decide what would be pre-)Tj
0 Tc 0.02 Tw T*
(sented to the delegates of the Summit.)Tj
0.001 Tc 0.021 Tw 0 -3 TD
(The first session focused on barriers, and addressed three questions: 1\)\
What are the barriers individuals)Tj
0 Tc 0.028 Tw 0 -1.5 TD
(face in saving for retirement?, 2\) What are the barriers employers face\
in providing opportunities to help)Tj
0.001 Tc 0.027 Tw T*
(their employees prepare for retirement?, and 3\) What are the barriers t\
o increasing public awareness of the)Tj
0 Tc 0.039 Tw T*
(value of saving for retirement?)Tj
0.001 Tc 0.024 Tw 0 -3 TD
(The second session dealt with opportunities for both individuals and emp\
loyers. It specifically focused on)Tj
0.028 Tw 0 -1.5 TD
(two questions: 1\) What can the private sector and other non-governmenta\
l organizations do to address the)Tj
0.018 Tw T*
(barriers identified in the first session?, and 2\) What can the public s\
ector do to address these barriers?)Tj
0.023 Tw 0 -3 TD
(There were several ground rules designed to facilitate the sessions. One\
was that the goal was to find)Tj
0 Tc 0.033 Tw 0 -1.5 TD
(contributions, but not necessarily consensus. If consensus emerged natur\
ally, that was important, but the)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(23)Tj
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(But we should not put all the burden on either the public or private sec\
tors. Individuals and communities)Tj
0.036 Tw 0 -1.5 TD
(must get involved, and government and employers should work together.)Tj
/T1_1 1 Tf
0.065 Tw 0 -3 TD
(E. \223Orange\224 Group)Tj
/T1_0 1 Tf
0.03 Tw 0 -1.5 TD
(The orange group generated about 200 thoughts and comments. It had, for \
a moment, the idea we might)Tj
0.001 Tc 0.023 Tw T*
(come to consensus on some of those but decided, instead, to try to clust\
er them in three major areas:)Tj
0 Tc 0.019 Tw T*
[(\225)-1194(First, that as a result of this Summit, Americans should make adequate r\
etirement income a clear)]TJ
-0.001 Tc -0.065 Tw 1.8 -1.5 Td
(national priority.)Tj
0.001 Tc 0.027 Tw -1.8 -1.5 Td
[(\225)-1193(Second, that simplification of government policies and provision for inc\
reased incentives to save must)]TJ
-0.009 Tw 1.8 -1.5 Td
(also be a nationwide priority.)Tj
0.022 Tw -1.8 -1.5 Td
[(\225)-1193(Third, that education is likely to be the key and that it must occur thr\
oughout the life span and in all)]TJ
0 Tc 0.052 Tw 1.8 -1.5 Td
(types of environments.)Tj
/T1_1 1 Tf
0.067 Tw -1.8 -3 Td
(Making Adequate Retirement Income a National Priority)Tj
/T1_0 1 Tf
0.023 Tw T*
(Unequal access to savings opportunities is one of the biggest barriers t\
o making adequate retirement)Tj
0.001 Tc 0.013 Tw T*
(income a national priority. Tremendous, conflicting demands are placed o\
n the part of families these days.)Tj
0.023 Tw T*
(It becomes very difficult to make savings the No. 1 priority if that mea\
ns forsaking putting food on the)Tj
T*
(table.)Tj
0 Tc 0 -3 TD
(There is a great deal of misinformation in the country about the necessi\
ty and availability of retirement)Tj
0.001 Tc 0.028 Tw 0 -1.5 TD
(systems for a large percentage of our population. The advertising market\
place emphasizes consumerism to)Tj
0.011 Tw T*
(the extent that savings is not a high priority.)Tj
0 Tc 0.027 Tw 0 -3 TD
(The group suggested five or six specific opportunities to make adequate \
retirement income a national)Tj
-0.012 Tc 0 -1.5 TD
(priority.)Tj
0.001 Tc 0.011 Tw 0 -3 TD
(Members said it is critical to create standards and mechanisms that make\
it possible to provide adequate)Tj
0 Tc 0.024 Tw 0 -1.5 TD
(retirement income for every single American. We should allow for direct \
deposit and payroll deductions into)Tj
0.029 Tw T*
(retirement accounts. People should be able to save in a variety of locat\
ions and ways, whether in grocery)Tj
0.001 Tc 0.031 Tw T*
(stories or perhaps through a surcharge on Lotto tickets. There should be\
catch-up provisions for individuals)Tj
0.018 Tw T*
(who need to make up for missed savings opportunities earlier in life. An\
d we absolutely must maintain)Tj
0.019 Tw T*
(some minimal level of support for all of our citizens.)Tj
/T1_1 1 Tf
0 Tc 0.085 Tw 0 -3 TD
(Simplifying Government Policies and Creating Savings Incentives)Tj
/T1_0 1 Tf
0.035 Tw 0 -1.5 TD
(Concerning the simplification of government policies and the provision f\
or increased incentives to save,)Tj
0.001 Tc 0.029 Tw T*
(there are four or five types of barriers.)Tj
0.028 Tw 0 -3 TD
(Confusion over the security of savings tends to be a large fear factor f\
or many Americans. We need much)Tj
0.029 Tw 0 -1.5 TD
(more information about how that system operates and the degree to which \
people can have confidence that)Tj
0 Tc 0.026 Tw T*
(it will continue to operate.)Tj
0.017 Tw 0 -3 TD
(Lack of portability is another barrier, as are restrictive regulations p\
laced on businesses and individuals.)Tj
0.001 Tc 0.03 Tw 0 -1.5 TD
(Orange group members suggested that it is critical to reduce the number \
of government mandates and give)Tj
0 Tc 0.028 Tw T*
(employers and employees more freedom to choose programs that cover all l\
evels of earners.)Tj
-0.001 Tc 9 0 0 9 565.5 21.5 Tm
(22)Tj
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0.001 Tc 0.029 Tw 10 0 0 10 54 731.5 Tm
(Members also mentioned a lack of education among employers, saying emplo\
yers need more information so)Tj
0 Tc 0.022 Tw 0 -1.5 TD
(that they can choose the type of plan that is most appropriate for them.\
)Tj
/T1_1 1 Tf
0.074 Tw 0 -3 TD
(Barriers to Increasing Public Awareness)Tj
/T1_0 1 Tf
0.001 Tc 0.025 Tw 0 -1.5 TD
(The No. 1 barrier to increasing public awareness seems to be the need to\
compete with a consumer-oriented)Tj
0 Tc 0.006 Tw T*
(society. An ethic of thrift and saving is missing in many segments of ou\
r society. Advertising campaigns are)Tj
0.031 Tw T*
(needed, including ones directed at lower earners, to create this ethic a\
long with a sense of urgency about)Tj
0.035 Tw T*
(saving. The public also needs help figuring out how\227and how much\227t\
o save for retirement. We should do)Tj
0.026 Tw T*
(a better job of teaching thrift and saving to children.)Tj
0.001 Tc 0.013 Tw 0 -3 TD
(It also was noted that there is a lack of a moral outrage at a public po\
licy that sponsors lotteries that appeal)Tj
0 Tc 0.017 Tw 0 -1.5 TD
(to the most vulnerable members of our society. Some argued that financia\
l institutions should do more to)Tj
0.001 Tc 0.031 Tw T*
(increase public awareness, especially among minorities and women, who re\
present an untapped market for)Tj
0.022 Tw T*
(such companies. But, group members said, there seems to be a lack of mar\
ket incentives to get financial)Tj
0.014 Tw T*
(institutions to go after this market. At the same time, some segments of\
society lack trust in financial)Tj
0 Tc T*
(institutions.)Tj
0.033 Tw 0 -3 TD
(The view also was expressed that, with an increasingly diverse workforce\
, we may be expecting too much)Tj
0.06 Tw 0 -1.5 TD
(from employers.)Tj
/T1_1 1 Tf
0.01 Tc 0 -3 TD
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0.032 Tw 0 -1.5 TD
(We should undertake a national campaign \(including, but not restricted \
to, public service announcements\))Tj
0.001 Tc 0.025 Tw T*
(to make savings a high priority for individuals and give them the knowle\
dge and tools to act. Individuals)Tj
0 Tc 0.02 Tw T*
(should be encouraged to assume responsibility, and they should be educat\
ed on strategies for managing)Tj
0.042 Tw T*
(their financial resources. Better government communications are needed, \
especially for non-English speak-)Tj
0.001 Tc 0.055 Tw T*
(ing people.)Tj
0.029 Tw 0 -3 TD
(Both government and business should be models of thrift and concern to t\
he public; and they should en-)Tj
0 Tc 0.034 Tw 0 -1.5 TD
(courage an attitude of thrift and savings among their employees and the \
general public. Government)Tj
0.001 Tc 0.021 Tw T*
(should lead by example in its treatment of public-sector employees. Empl\
oyers should raise the profile of)Tj
0 Tc 0.029 Tw T*
(the plans that are already available to employees, and provide ongoing e\
ducation. Among other things, they)Tj
0.035 Tw T*
(can try to encourage participation in retirement plans by workers when t\
hey receive raises.)Tj
0.026 Tw 0 -3 TD
(We should continue to simplify pension plans, and continue to generate n\
ew types of plans. The public)Tj
0 -1.5 TD
(needs to examine the implications of the growth in defined contribution \
plans and consider policies to)Tj
0.016 Tw T*
(promote defined benefit plans \(including simplified defined benefit pla\
ns for small businesses\). We should)Tj
0.032 Tw T*
(consider expanding the availability of multiemployer pension plans.)Tj
0.001 Tc 0.039 Tw 0 -3 TD
(More focus should be given to lower-income groups. The financial communi\
ty should become more involved)Tj
0 Tc 0.03 Tw 0 -1.5 TD
(with and focused on lower-income areas. Part-time workers should be give\
n access to pension and other)Tj
0.037 Tw T*
(retirement programs. We should identify and provide incentives to encour\
age saving among low-income)Tj
0.001 Tc 0.022 Tw T*
(wage earners. Another possibility is to raise the minimum wage to allow \
more opportunity for saving.)Tj
0.032 Tw 0 -3 TD
(Congress should debate changes to the tax code designed to promote savin\
gs, including whether to funda-)Tj
0 Tc 0.025 Tw 0 -1.5 TD
(mentally restructure the tax code. It should allow catch-up provisions t\
hat allow individuals to save more at)Tj
0.001 Tc 0.023 Tw T*
(later ages, when they are better able to save.)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(21)Tj
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0.05 Tw 10 0 0 10 54 716.5 Tm
(D. \223Light Blue\224 Group)Tj
/T1_1 1 Tf
0.001 Tc 0.028 Tw 0 -1.5 TD
(The light blue group was very diverse, and offered a great diversity of \
opinions and options for consider-)Tj
0 Tc 0.026 Tw T*
(ation. No attempt was made to reach consensus on barriers or opportuniti\
es. Rather, everyone in the group)Tj
0.001 Tc T*
(had a chance to share their thoughts and ideas\227some of which were sim\
ilar or related, and some of which)Tj
0 Tc 0.027 Tw T*
(were very different. What follows is a summary of the thoughts and ideas\
expressed.)Tj
/T1_0 1 Tf
0.004 Tc 0.145 Tw 0 -3 TD
(Individual Barriers)Tj
/T1_1 1 Tf
0 Tc 0.033 Tw 0 -1.5 TD
(The light blue group recognized that there are serious barriers keeping \
individuals from saving adequately)Tj
0.028 Tw T*
(for retirement. These include, but are not restricted to, a lack of know\
ledge and skill about managing)Tj
0.024 Tw T*
(income, spending money, planning for retirement, saving, taxation and th\
rift. These are issues in all com-)Tj
0.033 Tw T*
(munities throughout America, but can be especially challenging for women\
and minorities.)Tj
0.026 Tw 0 -3 TD
(More generally, society tends to be focused on consumption rather than o\
n the virtue of thrift.)Tj
0.039 Tw T*
(It was argued that the current tax structure discourages savings and enc\
ourages consumer spending. High)Tj
0.001 Tc 0.02 Tw 0 -1.5 TD
(taxes also make it difficult for people to save. In addition, many indiv\
iduals, especially women and minori-)Tj
0.019 Tw T*
(ties, lack disposable income. There is an absence of a societal commitme\
nt to high-wage jobs that would)Tj
0.011 Tw T*
(make savings more feasible for various segments of our society.)Tj
0 Tc 0.019 Tw 0 -3 TD
(It also was noted that the increasing costs of higher education can impa\
ir one\222s ability to save for retire-)Tj
0.001 Tc 0.023 Tw 0 -1.5 TD
(ment. And it was suggested that attacks on affirmative action can reduce\
educational achievement and)Tj
0.005 Tw T*
(ultimately limit economic success and security.)Tj
/T1_0 1 Tf
0.002 Tc 0.14 Tw 0 -3 TD
(Employer Barriers)Tj
/T1_1 1 Tf
0 Tc 0.022 Tw 0 -1.5 TD
(Several barriers reduce the ability of employers, especially small busin\
esses, to offer retirement plans.)Tj
T*
(Complex regulations and compliance standards, as well as the existence o\
f potential penalties, often deter)Tj
0.031 Tw T*
(businesses from offering certain retirement programs. Employers who offe\
r retirement plans sometimes)Tj
0.03 Tw T*
(worry about confusion that may arise when they attempt to educate employ\
ees, and they fear their educa-)Tj
0.028 Tw T*
(tional efforts could be perceived as giving advice, in which case they m\
ight be judged to have assumed)Tj
0.001 Tc -0.065 Tw T*
(fiduciary responsibility.)Tj
0.032 Tw 0 -3 TD
(The group also cited high labor force turnover and the resulting lack of\
mutual commitment between)Tj
0.021 Tw 0 -1.5 TD
(employers and employees as barriers to retirement saving. It said there \
is an apparent lack of employee)Tj
0.026 Tw T*
(interest in retirement benefits. While some members suggested that great\
er demand for such benefits from)Tj
0.027 Tw T*
(employees would motivate employers to offer plans, others noted that tur\
nover sometimes contributes to)Tj
0 Tc 0.026 Tw T*
(that lack of employee demand.)Tj
0.028 Tw 0 -3 TD
(Lack of employee demand often combines with lack of resources to prevent\
small employers from offering)Tj
0.05 Tw 0 -1.5 TD
(retirement plans.)Tj
0.001 Tc 0.022 Tw 0 -3 TD
(The group also suggested that lack of mutual trust between employees and\
employers sometimes leads)Tj
0.026 Tw 0 -1.5 TD
(workers to question whether promised benefits will be there when they re\
tire. But some also suggested that)Tj
0 Tc 0.028 Tw T*
(employers are shifting the burden of retirement savings and the risks as\
sociated with investing retirement)Tj
0.001 Tc 0.026 Tw T*
(funds to employees by offering defined contribution plans instead of def\
ined benefit plans.)Tj
-0.001 Tc 9 0 0 9 568 21.5 Tm
(20)Tj
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0.001 Tc 0.028 Tw 10 0 0 10 54 718.5 Tm
(In order to simplify and clarify rules on savings, the group suggested t\
hat the President and the Congress)Tj
0 Tc 0.023 Tw 0 -1.5 TD
(should create a national policy on retirement savings. The policy goals \
would be to: 1\) simplify laws and)Tj
0.025 Tw T*
(regulations while retaining protections intended by the laws and regulat\
ions; 2\) look at laws and rules that)Tj
T*
(adversely affect all Americans, particularly low-income groups, and elim\
inate or revise them; 3\) if neces-)Tj
0.018 Tw T*
(sary, develop new laws and rules that help Americans, particularly low-i\
ncome groups, save more, and 4\))Tj
0.001 Tc 0.03 Tw T*
(identify conflicts in the laws and regulations between agencies such as \
the Pension Benefit Guaranty)Tj
0 Tc 0.04 Tw T*
(Corporation, the Internal Revenue Service, the Department of Labor and t\
he Securities and Exchange)Tj
0.001 Tc 0.022 Tw T*
(Commission, and revise them to make them more compatible.)Tj
0.025 Tw 0 -3 TD
(The group suggested using data from materials prepared for the Summit on\
patterns and trends for the)Tj
0 Tc 0.028 Tw 0 -1.5 TD
(overall state of retirement saving, and for various groups, as a baselin\
e against which future progress could)Tj
0.001 Tc 0.021 Tw T*
(be measured. By the 2001 Summit, these data could be compared with actua\
l outcomes.)Tj
0 Tc 0.025 Tw 0 -3 TD
(A national marketing campaign would help promote retirement saving. It s\
hould use different strategies to)Tj
0.032 Tw 0 -1.5 TD
(reach different demographic groups. It should develop a recognizable sym\
bol to promote public awareness)Tj
0.031 Tw T*
(of the importance of retirement savings. The campaign should include a s\
trong partnership with the media,)Tj
0.001 Tc 0.023 Tw T*
(which should provide time and space to the effort as well as report posi\
tively on the retirement savings)Tj
0 Tc 0.031 Tw T*
(issue. Creation of a network among those concerned with public education\
and retirement savings issues)Tj
0.025 Tw T*
(also would help. The American Savings Education Council \(ASEC\) can and\
is serving as a clearinghouse for)Tj
0.019 Tw T*
(materials on retirement saving and parties involved in the issue. ASEC c\
an and will expand its role to keep)Tj
0.001 Tc 0.027 Tw T*
(Summit participants informed about employer and community service \223be\
st practices\224 in savings education.)Tj
0 Tc 0.034 Tw 0 -3 TD
(A comprehensive education strategy on the importance of personal finance\
s, money management and)Tj
0.001 Tc 0.029 Tw 0 -1.5 TD
(saving for retirement is needed. This strategy would cover elementary an\
d middle schools, and provide a)Tj
0 Tc 0.042 Tw T*
(curriculum on managing money and personal finance, with training to help\
teachers learn this curriculum.)Tj
0.024 Tw T*
(High school students should be required to take and pass a course in fin\
ancial management in order to)Tj
0.007 Tc T*
(graduate.)Tj
0.001 Tc 0.025 Tw 0 -3 TD
(Since education is a lifetime process, universities should develop cours\
es on savings for college students and)Tj
0 Tc 0.032 Tw 0 -1.5 TD
(the community in general. Employers also could develop programs to educa\
te employees on saving and)Tj
0.001 Tc T*
(financial planning, and larger employers could mentor small employers by\
providing expertise and by)Tj
0 Tc 0.034 Tw T*
(sharing savings educational information materials.)Tj
0.03 Tw 0 -3 TD
(Governors should be enlisted to promote statewide retirement education s\
trategies. Perhaps there should)Tj
0.024 Tw 0 -1.5 TD
(be a competition between the states to see which can achieve the highest\
percentage of its population that)Tj
0.03 Tw T*
(saves for retirement. In addition, social service agencies could create \
savings education programs to go)Tj
0.035 Tw T*
(along with counseling programs and job training, and they could target l\
ow-savings groups such as women)Tj
0.001 Tc 0.028 Tw T*
(and low-income individuals in this effort.)Tj
0 Tc 0.023 Tw 0 -3 TD
(Tax incentives should be created to encourage savings at the individual \
level and make pension plans more)Tj
0.027 Tw 0 -1.5 TD
(attractive to individuals and employers. The tax structure needs to be r\
eviewed and changes made that)Tj
0.001 Tc 0.021 Tw T*
(would eliminate complexity and make it easier and less costly for employ\
ers to offer pension plans. In)Tj
0.023 Tw T*
(addition, small companies can form associations to offer larger group pe\
nsion plans with reduced adminis-)Tj
0 Tc 0.025 Tw T*
(trative costs for each individual company. In this effort, pension plans\
could be made more portable, and)Tj
0.001 Tc 0.037 Tw T*
(therefore, more attractive to individuals.)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(19)Tj
ET
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0.001 Tc 0.02 Tw 10 0 0 10 54 730.5 Tm
(For those who do understand the basics of saving and its importance, the\
investment process is still com-)Tj
0 Tc 0.027 Tw 0 -1.5 TD
(plex. There are too many investment tools, forms and decisions to make. \
Individuals do not know where to)Tj
0.028 Tw T*
(begin. The complexity of the investment process makes people fearful to \
invest, since they see investing as)Tj
0.022 Tw T*
(a large risk.)Tj
0.001 Tc 0.032 Tw 0 -3 TD
(Members of the green group discussed whether insufficient income is trul\
y a barrier to saving. While there)Tj
0 Tc 0.031 Tw 0 -1.5 TD
(was some debate, they agreed that low income is a particular concern for\
women, minorities and younger)Tj
0.026 Tw T*
(Americans. Some delegates suggested that income taxes and Social Securit\
y taxes are too high, but others)Tj
0.001 Tc 0.019 Tw T*
(disagreed. In addition, some members said tax breaks for investment are \
too limited, some noted that many)Tj
0 Tc 0.027 Tw T*
(people are having difficulty living \223day to day,\224 and some said co\
llege graduates often are too burdened with)Tj
0.02 Tw T*
(school loans to start saving.)Tj
0.026 Tw 0 -3 TD
(Rules governing many savings vehicles are not \223saver friendly.\224 So\
me rules are too complex to understand,)Tj
0.024 Tw 0 -1.5 TD
(while others limit what individuals can contribute. Savings vehicles suc\
h as IRAs do not allow individuals)Tj
0.001 Tc 0.03 Tw T*
(to make catch-up contributions to compensate for periods when they could\
not save because they were sick)Tj
0.018 Tw T*
(or out of the labor force. Also, many banks require a fairly substantial\
minimum balance before interest)Tj
0.026 Tw T*
(accrues. And it is too easy to withdraw retirement funds early, defeatin\
g the purpose of saving for)Tj
0.054 Tw T*
(retirement, according to the green group.)Tj
/T1_1 1 Tf
0.002 Tc 0.14 Tw 0 -3 TD
(Employer Barriers)Tj
/T1_0 1 Tf
0 Tc 0.032 Tw 0 -1.5 TD
(The group suggested that rules and regulations on establishing and maint\
aining pension plans prevent)Tj
0.001 Tc T*
(many employers from sponsoring retirement plans. In particular, complex \
rules and cumbersome reporting)Tj
0 Tc 0.022 Tw T*
(requirements \223scare off\224 small companies. The penalties for making\
mistakes are very large, and all compa-)Tj
0.001 Tc 0.014 Tw 0 -1.55 TD
(nies fear the potential liability from lawsuits for plans that do not pe\
rform as well as participants hope.)Tj
0.033 Tw 0 -3 TD
(The rules for defined benefit plans are considered especially onerous, t\
he group said. Further complicating)Tj
0 Tc 0.02 Tw 0 -1.5 TD
(the situation is the fact that different rules apply to different types \
of employees and types of employers.)Tj
0.026 Tw T*
(Because of the difficulty of combining different types of plans, mergers\
can lead companies to terminate)Tj
0.001 Tc 0.027 Tw T*
(plans instead of continuing them. Contradictory rules also limit portabi\
lity of retirement savings when)Tj
0.04 Tw T*
(employees changes jobs.)Tj
0 Tc 0.031 Tw 0 -3 TD
(Complexity of rules makes the cost of complying high. Large employers ca\
n overcome this problem because)Tj
0.035 Tw 0 -1.5 TD
(they have many resources, but smaller employers typically have much more\
limited resources.)Tj
0.028 Tw 0 -3 TD
(Employers typically find that employees value health benefits over pensi\
on benefits, so employers respond)Tj
0.001 Tc 0.025 Tw 0 -1.5 TD
(accordingly. The high cost of health care has forced some companies to c\
hoose between offering health care)Tj
0 Tc 0.04 Tw T*
(and providing retirement plans. Retirement often goes by the wayside. Fu\
rthermore, continual changes in)Tj
0.023 Tw T*
(pension and tax rules make it costly and time-consuming for companies to\
keep their pension plans quali-)Tj
0.001 Tc 0.026 Tw T*
(fied. In addition, many employers lack knowledge about setting up plans,\
administering plans and promot-)Tj
0 Tc 0.028 Tw T*
(ing employee education on retirement savings. These activities typically\
are perceived as costly and diffi-)Tj
0.003 Tc T*
(cult.)Tj
/T1_1 1 Tf
0.01 Tc 0 -3 TD
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0.037 Tw 0 -1.5 TD
(The group had many suggestions for opportunities to encourage savings. T\
hey fall into several general)Tj
0.001 Tc 0.009 Tw T*
(themes: simplify, clarify, measure, communicate, collaborate, educate an\
d induce.)Tj
-0.001 Tc 9 0 0 9 567 21.5 Tm
(18)Tj
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/T1_0 1 Tf
0.036 Tw 10 0 0 10 54 730.5 Tm
(When companies give their employees pay increases, they should encourage\
them to invest that money.)Tj
0.032 Tw 0 -3 TD
(While many barriers prevent people from saving, the Gold Group felt thes\
e barriers can be overcome once)Tj
0.027 Tw 0 -1.5 TD
(people realize the importance of savings and once savings opportunities \
become more readily available.)Tj
0.001 Tc 0.034 Tw T*
(Retirement savings, in short, can increase with the help of the governme\
nt, employers, the private sector)Tj
0 Tc 0.024 Tw T*
(and individuals. But the chances for success will be greatest if all of \
these groups do their part to encourage)Tj
0.07 Tw T*
(increased saving.)Tj
/T1_1 1 Tf
0.001 Tc 0.05 Tw 0 -3 TD
(C. \223Green\224 Group)Tj
/T1_0 1 Tf
0 Tc 0.033 Tw 0 -1.5 TD
(The green group\222s discussions were positive, productive and focused. \
Numerous ideas were articulated.)Tj
0.001 Tc 0.026 Tw T*
(While the perspectives of the delegates differed, there was general agre\
ement from the delegates on most, if)Tj
0 Tc T*
(not all, of the issues reported here. However, the group arrived at oppo\
sing opinions on a very small num-)Tj
0.003 Tc 0.015 Tw T*
(ber of issues.)Tj
/T1_1 1 Tf
0.004 Tc 0.145 Tw 0 -3 TD
(Individual Barriers)Tj
/T1_0 1 Tf
0 Tc 0.032 Tw 0 -1.5 TD
(The group identified a number of barriers that prevent individuals from \
saving for retirement.)Tj
0.001 Tc 0.019 Tw 0 -3 TD
(The group said that personal beliefs, motivation, attitudes and fears pl\
ay an important role as barriers. In)Tj
0 Tc 0.03 Tw 0 -1.5 TD
(addition, the group suggested that many Americans don\222t recognize tha\
t retirement savings is a problem,)Tj
0.022 Tw T*
(and do not consider it a priority. Also people do not have a savings eth\
ic, and do not believe they will live)Tj
0.039 Tw T*
(long enough to enjoy the benefits of retirement.)Tj
0.02 Tw 0 -3 TD
(In addition, the group noted that many individuals believe that setting \
aside small amounts won\222t make a)Tj
0.001 Tc 0.017 Tw 0 -1.55 TD
(difference, so they see little reason to save. And, if individuals are m\
otivated to save, it is often for shorter)Tj
0.002 Tc 0.022 Tw 0 -1.5 TD
(term goals, such as cars.)Tj
0 Tc 0.036 Tw 0 -3 TD
(According to the group, Americans are influenced by a consumer economy t\
hat promotes buying rather)Tj
0.027 Tw 0 -1.5 TD
(than saving, an attitude the media does nothing to discourage. This is d\
emonstrated by the free spending)Tj
0.001 Tc 0.025 Tw T*
(patterns of many individuals using widely distributed, easily accessible\
credit cards. The spend-now)Tj
T*
(attitude causes individuals who change jobs to withdraw funds from their\
retirement savings and spend it,)Tj
0 Tc 0.029 Tw T*
(rather than roll it over to other savings vehicles. Moreover, individual\
s have many fears about saving,)Tj
0.033 Tw T*
(including having math phobia when it comes to money and financial calcul\
ations.)Tj
0.026 Tw 0 -3 TD
(Efforts by investment companies to scare people into action by telling t\
hem how much they need to save)Tj
0.028 Tw 0 -1.5 TD
(actually can scare individuals into inaction by giving them a sense of h\
elplessness according to the group.)Tj
0.034 Tw 0 -3 TD
(Lack of knowledge on savings hinders many people from saving. They do no\
t have a clear understanding of)Tj
0.033 Tw 0 -1.5 TD
(how to invest or how much to invest; who to turn to when making investme\
nt decisions; what investment)Tj
0.026 Tw T*
(vehicles are best, safe and correct for their individual situation; wher\
e to begin saving and how to set)Tj
0.036 Tw T*
(priorities; and why saving for retirement is important, the green group \
noted.)Tj
0.028 Tw 0 -3 TD
(Generally, primary and secondary schools haven\222t adopted financial ma\
nagement curricula that include)Tj
0.017 Tw 0 -1.5 TD
(these types of topics. Typically, teachers are not trained to instruct s\
tudents in managing money and in)Tj
0.001 Tc 0.023 Tw T*
(financial issues, and parents in many cases are not able to teach their \
children about these topics. Further-)Tj
0 Tc T*
(more, financial institutions do not educate the public in money manageme\
nt and savings. As a result,)Tj
0.027 Tw T*
(people do not understand the value of savings or such issues as the powe\
r of compound interest.)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(17)Tj
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0.001 Tc 0.033 Tw 10 0 0 10 54 731 Tm
(There is a strong need for education among Americans. Many people do not\
enter the workforce with good)Tj
0 Tc 0.023 Tw 0 -1.5 TD
(savings habits; they tend to focus too much on their immediate needs. Am\
ericans live in a consumption-)Tj
0.001 Tc 0.02 Tw T*
(oriented society. We are taught to gratify current needs rather than to \
save for the future. Credit cards are)Tj
0 Tc 0.026 Tw T*
(easy to obtain, and the number of individuals declaring bankruptcy is at\
an all time high. Saving money for)Tj
0.025 Tw T*
(the future is rarely discussed in newspaper articles, in sitcoms, or oth\
er prime-time television shows. In)Tj
0.06 Tw T*
(addition, not enough government programs encourage savings.)Tj
0.031 Tw 0 -3 TD
(Because saving for their retirement is not a high priority for individua\
ls, companies have been discouraged)Tj
0.037 Tw 0 -1.5 TD
(from expanding retirement savings programs. Individuals would prefer hig\
her salaries to other employee)Tj
0.001 Tc T*
(benefits.)Tj
0.028 Tw 0 -3 TD
(Another barrier to employers is that retirement plan options are often c\
omplex, administratively burden-)Tj
0.015 Tw 0 -1.5 TD
(some and often expensive to adopt. High start-up costs make it especiall\
y difficult for small businesses to)Tj
0.027 Tw T*
(set up retirement plans. Even when employers would like to offer plans, \
many do not feel confident that)Tj
0 Tc 0.033 Tw T*
(they have enough information. This lack of information occurs both becau\
se the private sector does not)Tj
0.001 Tc 0.017 Tw T*
(adequately promote employer plans and because it is considered a social \
taboo for employers to discuss)Tj
0 Tc 0.027 Tw T*
(retirement and financial status.)Tj
/T1_1 1 Tf
0.01 Tc 0 -3 TD
(Opportunities)Tj
/T1_0 1 Tf
0 Tc 0.034 Tw 0 -1.5 TD
(Many policies could encourage savings. We need to educate both employers\
and employees. The govern-)Tj
-0.001 Tc T*
(ment, employers )Tj
/T1_2 1 Tf
0.002 Tc 8.05 0 Td
(and)Tj
/T1_0 1 Tf
0 Tc 0.037 Tw 1.75 0 Td
( the private sector should be encouraged to work together to provide edu\
cation.)Tj
0.025 Tw -9.8 -3 Td
(One way to reach a large number of individuals is through the mass media\
. People would be interested in)Tj
0.027 Tw T*
(receiving this information if it were available to them, but few newspap\
er and magazine articles\227and even)Tj
0.001 Tc 0.025 Tw T*
(fewer television shows\227discuss retirement savings. We need prime-time\
informational television shows on)Tj
0.026 Tw T*
(retirement issues. Even sitcoms could use retirement themes to raise pub\
lic awareness. More newspapers)Tj
0 Tc 0.029 Tw T*
(and magazines could run features on the importance of saving and on how \
to go about doing so.)Tj
0.033 Tw 0 -3 TD
(Government policies also should be changed to encourage people to save. \
High taxes prevent many indi-)Tj
0.022 Tw 0 -1.5 TD
(viduals from saving; tax cuts would allow more people to save. IRAs coul\
d be expanded to allow people to)Tj
0.014 Tw T*
(invest more money, and tax breaks could be given to help businesses\227e\
specially small businesses\227meet)Tj
0.001 Tc 0.013 Tw T*
(start-up and administrative costs.)Tj
0 Tc 0.035 Tw 0 -3 TD
(Once people have begun to save money for their retirement, they should b\
e encouraged to leave that money)Tj
0.001 Tc 0.03 Tw 0 -1.5 TD
(set aside. There should be stronger penalties for people who withdraw th\
eir money early from retirement)Tj
0 Tc 0.029 Tw T*
(accounts, and the government should pass pending legislation that allows\
more portability between retire-)Tj
0.001 Tc 0.03 Tw T*
(ment plans.)Tj
0.032 Tw 0 -3 TD
(Employers can do more to educate the workforce and encourage employees t\
o save. Companies should begin)Tj
0 Tc 0.041 Tw 0 -1.5 TD
(or expand retirement programs, encourage payroll deductions and offer ma\
tching contributions. In addi-)Tj
0.001 Tc 0.033 Tw T*
(tion, earlier vesting would help many individuals\227in particular, wome\
n and minorities. Automatic enroll-)Tj
0.025 Tw T*
(ment in 401\(k\)s also would help; employers who have tried this have se\
en the number of people enrolled in)Tj
0 Tc 0.03 Tw T*
(their 401\(k\) increase dramatically. [During the Summit, President Clin\
ton sought to clarify that employers)Tj
0.001 Tc 0.037 Tw T*
(currently have the authority to enroll employees automatically. Under th\
is approach, employees would)Tj
0 Tc 0.028 Tw T*
(automatically become participants in a company-sponsored retirement plan\
unless they opt out.])Tj
-0.001 Tc 9 0 0 9 566 21.5 Tm
(16)Tj
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(Opportunities)Tj
/T1_1 1 Tf
0 Tc 0.032 Tw 0 -1.5 TD
(The group identified a number of opportunities for the private and publi\
c sectors to encourage retirement)Tj
0.001 Tc 0.027 Tw T*
(saving either unilaterally or in partnership with each other.)Tj
0 Tc 0.063 Tw 0 -3 TD
(Private-sector opportunities include:)Tj
0.06 Tw 0 -1.5 TD
[(\225)-1194(Education projects.)]TJ
0.019 Tw T*
[(\225)-1194(Payroll deductions and direct deposit for IRA investments.)]TJ
0.001 Tc 0.026 Tw T*
[(\225)-1193(Invite workers\222 spouses to attend retirement planning seminars for em\
ployees.)]TJ
0.028 Tw T*
[(\225)-1193(Educate people on the costs of retirement.)]TJ
0.018 Tw T*
[(\225)-1193(Use regular statements for investors as a tool to educate.)]TJ
0.03 Tw T*
[(\225)-1193(Consultants and service providers may need to push employers to cover ra\
nk and file workers.)]TJ
0.033 Tw T*
[(\225)-1193(Offer stock options.)]TJ
-0.015 Tw T*
[(\225)-1193(Remove barriers to portability.)]TJ
0.023 Tw 0 -3 TD
(Possible public-sector initiatives include:)Tj
0 Tc 0 -1.5 TD
[(\225)-1194(Education projects that start at a young age.)]TJ
0.04 Tw T*
[(\225)-1194(Create stronger public demand.)]TJ
0.01 Tw T*
[(\225)-1194(A national campaign tailored after the \223Buy War Bonds\224 effort.)]TJ
0.001 Tc 0.019 Tw T*
[(\225)-1193(Try to decrease consumerism.)]TJ
0 Tc 0.028 Tw T*
[(\225)-1194(Create tax incentives, or perhaps eliminate taxes on savings.)]TJ
0.033 Tw T*
[(\225)-1194(The government should conduct a survey or analysis of existing trends in\
defined benefit and defined)]TJ
0.001 Tc 0.065 Tw 1.8 -1.5 Td
(contribution plans.)Tj
0 Tc 0.025 Tw -1.8 -1.5 Td
[(\225)-1194(Stimulate new saving rather than the transfer of existing assets.)]TJ
0.029 Tw 0 -3.05 TD
(The group agreed that collaborative efforts would be useful. Some exampl\
es of these include:)Tj
0 -1.5 TD
[(\225)-1194(Link employers with someone else to increase trust among employees.)]TJ
0.049 Tw T*
[(\225)-1194(Develop curriculum, public service announcements and media advertisement\
s.)]TJ
0.045 Tw T*
[(\225)-1194(Develop financial planning curriculum for high schools and colleges.)]TJ
0.001 Tc 0.029 Tw T*
[(\225)-1193(Groups like the Chamber of Commerce and various labor unions should prom\
ote pension concepts to)]TJ
0 Tc 0.045 Tw 1.8 -1.5 Td
(their members.)Tj
0.041 Tw -1.8 -1.5 Td
[(\225)-1194(Encourage voluntary but automatic enrollment and contributions in retire\
ment plans.)]TJ
/T1_0 1 Tf
0.001 Tc 0.055 Tw 0 -3 TD
(B. \223Gold\224 Group)Tj
/T1_1 1 Tf
0.03 Tw 0 -1.5 TD
(During the break-out sessions, the Gold Group exchanged many ideas. Whil\
e it was unable to reach)Tj
0.025 Tw T*
(consensus on all issues, there was widespread agreement on many issues.)Tj
/T1_0 1 Tf
0.009 Tc 0 -3 TD
(Barriers)Tj
/T1_1 1 Tf
0 Tc 0.035 Tw 0 -1.5 TD
(The group began by identifying barriers that prevent individuals and emp\
loyers from saving for retirement.)Tj
0.001 Tc 0.012 Tw T*
(One of the first barriers it identified is that for many Americans, earn\
ings and benefits are just too low.)Tj
0 Tc 0.029 Tw T*
(Many individuals are struggling to make ends meet, and are unable to rea\
lly focus on retirement savings.)Tj
0.033 Tw T*
(The high level of taxes only exacerbates their low level of earning.)Tj
0.001 Tc 0.021 Tw 0 -3 TD
(Still, the group said that individuals must take more responsibility to \
save for their own retirement. People)Tj
0.029 Tw 0 -1.5 TD
(could increase retirement savings by making simple choices. They can cho\
ose to pay off their credit card)Tj
0 Tc 0.034 Tw T*
(balances, which carry high finance charges. And they can choose to take \
advantage of savings vehicles such)Tj
0.001 Tc 0.021 Tw T*
(as 401\(k\)s, or to invest more in these accounts.)Tj
-0.001 Tc 9 0 0 9 36 21.5 Tm
(15)Tj
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0.035 Tw 10 0 0 10 54 733.5 Tm
(regulations and to create partnerships involving government, business an\
d educational institutions in the)Tj
0.031 Tw 0 -1.5 TD
(effort to reach the younger generation and teach savings behavior instea\
d of consumption. Moreover, it said)Tj
0.028 Tw T*
(opportunities exist to expand the public\222s knowledge of economic secu\
rity issues in general.)Tj
/T1_1 1 Tf
0.081 Tw 0 -3 TD
(Barriers for Individuals and Employers)Tj
/T1_0 1 Tf
0.036 Tw 0 -1.5 TD
(The group identified three categories of barriers to increased retiremen\
t savings: current laws, economic)Tj
0.031 Tw T*
(realties and lack of understanding among employers and employees.)Tj
0.036 Tw 0 -3 TD
(Concerning the current legal environment, group members said the tax cod\
e penalizes saving outside of)Tj
0.032 Tw 0 -1.5 TD
(qualified retirement plans. The group discussed several suggestions for \
creating tax incentives for saving)Tj
0.041 Tw T*
(and for taxing consumption rather than saving.)Tj
0.032 Tw 0 -3 TD
(The group also discussed whether certain retirement plans, particularly \
defined contribution plans, may be)Tj
0.025 Tw 0 -1.5 TD
(too easily accessible before retirement. It explored the idea of modifyi\
ng cash-out rules. It also considered)Tj
0.001 Tc 0.031 Tw T*
(the possibility of requiring a \223cooling off period\224 during which j\
ob changers could not spend funds received)Tj
0.002 Tc 0.012 Tw T*
(as lump-sum distributions.)Tj
0 Tc 0.021 Tw 0 -3 TD
(Delegates in the group also suggested that lack of portability is a barr\
ier for many employees. This was)Tj
0.001 Tc 0.026 Tw 0 -1.5 TD
(discussed in the context of both defined benefit plans and defined contr\
ibution plans. The group discussed)Tj
0.032 Tw T*
(what some described as rather arbitrary constraints on transferring fund\
s between defined contribution)Tj
0 Tc 0.034 Tw T*
(plans that originate under different sections of the Internal Revenue Co\
de.)Tj
0.022 Tw 0 -3 TD
(The group cited a number of economic \223realities\224 that it says mili\
tate against retirement saving:)Tj
0.001 Tc 0.024 Tw 0 -1.5 TD
[(\225)-1193(It is hard for working people to save.)]TJ
T*
[(\225)-1193(Individuals and employers often take a short-term view, focusing on more\
immediate concerns than)]TJ
0.004 Tc 1.8 -1.5 Td
(retirement.)Tj
0.001 Tc -1.8 -1.5 Td
[(\225)-1193(Part-time and older workers, as well as cyclical workers, often lack acc\
ess to retirement plans.)]TJ
0.027 Tw T*
[(\225)-1193(Women face special complications arising from periodic interruptions in \
their careers to raise children)]TJ
0 Tc 0.037 Tw 1.8 -1.5 Td
(and due to divorce.)Tj
0.001 Tc 0.029 Tw -1.8 -1.5 Td
[(\225)-1193(Post-retirement health issues often are not addressed in retirement plan\
ning.)]TJ
0 Tc 0.031 Tw 0 -3 TD
(The need for more education occurs among employers and employees and inv\
olves all savings and financial)Tj
0.001 Tc 0.027 Tw 0 -1.5 TD
(issues, the group said. It also suggested that the \223savings industry\224\
often neglects non-English speaking)Tj
T*
(populations.)Tj
0.031 Tw 0 -3 TD
(The group identified specific types of education needs:)Tj
0 Tc 0.037 Tw 0 -1.5 TD
[(\225)-1194(How much saving is needed for retirement.)]TJ
0.001 Tc 0 Tw T*
[(\225)-1193(We need a broader definition of \223security.\224)]TJ
0.028 Tw T*
[(\225)-1193(Employers need a better understanding of existing retirement programs, s\
uch as SIMPLE and SEP)]TJ
1.8 -1.5 Td
(plans.)Tj
0 Tc 0.033 Tw -1.8 -1.5 Td
[(\225)-1194(Employees need to be more aware of the bargaining power they have during\
times of high employment.)]TJ
0.001 Tc 0.038 Tw 1.8 -1.5 Td
(They can demand more coverage with respect to employer-sponsored retirem\
ent plans.)Tj
0 Tc 0.031 Tw -1.8 -1.5 Td
[(\225)-1194(People need help in understanding the impact of inflation. Reporting acc\
umulated balances in nominal)]TJ
0.001 Tc 0.015 Tw 1.8 -1.5 Td
(terms may mislead some employees.)Tj
0.024 Tw -1.8 -1.5 Td
[(\225)-1193(The media need to be educated on how to report financial issues.)]TJ
-0.001 Tc 9 0 0 9 568 21.5 Tm
(14)Tj
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-0.002 Tc -0.019 Tw 14 0 0 14 54 731.5 Tm
(IV. Break-Out Facilitators Reports: Barriers and Opportunities)Tj
/T1_1 1 Tf
0.001 Tc 0.027 Tw 10 0 0 10 54 701.5 Tm
(Much of the hard work of the Summit was done by delegates participating \
in nine break-out sessions. Over)Tj
0.018 Tw 0 -1.5 TD
(the two days of the Summit, delegates met twice in small groups to ident\
ify barriers that stand in the way)Tj
0 Tc 0.034 Tw T*
(of increased retirement saving and to brainstorm about various opportuni\
ties for overcoming them.)Tj
0.001 Tc 0.024 Tw 0 -3 TD
(The goal of the Summit was not to reach consensus; time was too short fo\
r that. Nevertheless, a number of)Tj
0 Tc 0.026 Tw 0 -1.5 TD
(themes arose repeatedly: the need for individuals to make an increased p\
ersonal commitment to savings;)Tj
0.001 Tc 0.03 Tw T*
(the need for a strong commitment from employers to help employees build \
future retirement security; the)Tj
0 Tc 0.022 Tw T*
(need for government policies that are clear, simple, consistent, flexibl\
e and stable; the need to provide)Tj
0.001 Tc 0.025 Tw T*
(appropriate incentives and reduce costs to plan sponsors, while at the s\
ame time protecting workers; and)Tj
0.02 Tw T*
(the need to raise the profile of retirement savings in the minds of the \
American public.)Tj
0.01 Tw 0 -3 TD
(Significantly, numerous delegates suggested that the ultimate solution t\
o America\222s retirement savings)Tj
0 Tc 0.03 Tw 0 -1.5 TD
(challenge lies in fundamental cultural change, in finding ways to put mo\
re value on saving and less on)Tj
0.031 Tw T*
(consuming. They consistently said such change will require the participa\
tion of institutions and individuals)Tj
0.001 Tc 0.03 Tw T*
(from every sector and every walk of life. And, they repeatedly returned \
to the theme that education\227)Tj
0 Tc 0.035 Tw T*
(whether by schools, employers, government, the media or others\227will b\
e the crucial element in any suc-)Tj
0.001 Tc T*
(cessful strategy to increase retirement saving.)Tj
0.022 Tw 0 -3 TD
(Summaries of the break-out group deliberations, which stretched over bot\
h days of the Summit, follow.)Tj
0 Tc 0.017 Tw 0 -1.5 TD
(They were compiled from presentations prepared by group facilitators and\
note-takers. A more detailed list)Tj
0.001 Tc 0.018 Tw T*
(of the ideas produced in those sessions can be found in Appendix 3 of th\
is report.)Tj
/T1_2 1 Tf
0 Tc 0.063 Tw 0 -3 TD
(These ideas were suggested by individual Summit participants. They do no\
t represent a consensus. They)Tj
0.001 Tc 0.075 Tw 0 -1.5 TD
(were not prioritized.)Tj
/T1_0 1 Tf
0.048 Tw 0 -3 TD
(A. \223Dark Blue\224 Group)Tj
/T1_1 1 Tf
0 Tc 0.032 Tw 0 -1.5 TD
(This group was characterized by an extraordinary diversity in views on b\
oth barriers to retirement saving)Tj
0.001 Tc 0.027 Tw T*
(and opportunities to ameliorate the problem. Moreover, the suggestions r\
an the entire spectrum from)Tj
0.035 Tw T*
(generic themes to unique items.)Tj
0 Tc 0.033 Tw 0 -3 TD
(Delegates identified several major barriers to retirement savings, inclu\
ding consumerism among)Tj
0.04 Tw 0 -1.5 TD
(Americans\227especially young people, who have no real understanding of \
delayed gratification. Most)Tj
0.027 Tw T*
(Americans have no heritage, or culture, of saving, members said. This is\
partly because many people do not)Tj
0.028 Tw T*
(understand financial issues or existing retirement saving programs and o\
pportunities, a problem that)Tj
0.001 Tc 0.013 Tw T*
(arises at least in part from the lack of attention the media pay to this\
issue.)Tj
0 Tc 0.021 Tw 0 -3 TD
(In general, the group said that no one is taking the lead to start a mas\
sive, national campaign to whip up)Tj
0.026 Tw 0 -1.5 TD
(enthusiasm for saving for retirement. In particular, no one is reaching \
small employers with persuasive)Tj
0.001 Tc 0.018 Tw T*
(reasons to start retirement plans.)Tj
0 Tc 0.032 Tw 0 -3 TD
(The group noted, however, that there probably are no easy answers for ma\
rginal workers, women and)Tj
0.003 Tc 0 -1.5 TD
(minorities.)Tj
0 Tc 0.03 Tw 0 -3 TD
(The group seemed united in believing there are very real opportunities t\
o simplify existing rules and)Tj
-0.001 Tc 9 0 0 9 35 21.5 Tm
(13)Tj
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(12)Tj
0.001 Tc 0.017 Tw 10 0 0 10 54 733.5 Tm
(Despite the appeal of such a plan, the level of employee participation w\
as disappointing at first, says)Tj
0 Tc 0.02 Tw 0 -1.5 TD
(Anthony R. Amato, director of compensation and benefits for the company.\
But that changed after the)Tj
0.001 Tc 0.03 Tw T*
(company adopted a new education program geared to its own employees, who\
tend to be young and rely on)Tj
0 Tc 0.018 Tw T*
(tips for a substantial portion of their income.)Tj
0.019 Tw 0 -3 TD
(\223Think of it as a 150% tip,\224 the company said on a new brochure th\
at explains the details of the plan and)Tj
0.001 Tc 0.026 Tw 0 -1.5 TD
(such arcane topics as compounded interest, vesting rules and loan featur\
es, all in a breezy tone. \223For those)Tj
0 Tc 0.024 Tw T*
(of you who haven\222t gotten it yet, THIS IS FREE MONEY,\224 the brochur\
e adds, returning to the issue of the)Tj
0.002 Tc 0.07 Tw T*
(employer match.)Tj
0 Tc 0.039 Tw 0 -3 TD
(The award-winning brochure, developed and produced by Hard Rock\222s own\
graphics and design group with)Tj
0.022 Tw 0 -1.5 TD
(help from Buck Consultants in Atlanta, incorporates other aspects of Har\
d Rock\222s corporate culture. But)Tj
0.03 Tw T*
(Amato says companies cannot rely solely on paper brochures to convey the\
message about retirement.)Tj
0.02 Tw T*
(That\222s partly because of the cost: the company last year shipped six \
tons of paper explaining its retirement)Tj
0.001 Tc 0.019 Tw T*
(program to employees. But it also is a question of effectiveness.)Tj
0 Tc 0.024 Tw 0 -3 TD
(\223We need to leverage technology and create a self-service environment\
for employees,\224 Amato said. \223What)Tj
0.001 Tc 0.025 Tw 0 -1.5 TD
(we are hoping to do is get into an all-access, 24-hour, seven-day-a-week\
kiosk where employees can have)Tj
0 Tc 0.026 Tw T*
(access to all the information they normally would get through printed ma\
terial. And it would include)Tj
0.001 Tc T*
(interactive videos and games and things of that nature, located in the r\
estaurants.\224)Tj
0 -3 TD
(Important as such efforts are, employers cannot do the job of educating \
workers alone, according to Amato.)Tj
0.032 Tw 0 -1.5 TD
(He emphasized the importance of teaching children at an early age\227in \
elementary schools\227to learn)Tj
0 Tc 0.021 Tw T*
(attitudes likely to help employment-based retirement plans take root.)Tj
0.027 Tw 0 -3 TD
(\223We should be targeting elementary schools and our children and talki\
ng to them about saving and getting)Tj
0.001 Tc 0.014 Tw 0 -1.5 TD
(that message across,\224 Amato said. \223It is important for them to com\
e up into the ranks of the Hard Rock, if)Tj
0 Tc 0.026 Tw T*
(you will, already with the notion `I can save, I know how to save and ta\
ke advantage of the programs that)Tj
0.001 Tc 0 Tw T*
(employers offer.\222\224)Tj
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-0.056 Tc 9 0 0 9 36 21.5 Tm
(11)Tj
/T1_1 1 Tf
0.001 Tc 0.145 Tw 10 0 0 10 54 731.5 Tm
(Private-Sector Support)Tj
/T1_0 1 Tf
0.02 Tw 0 -1.5 TD
(The Choose to Save Campaign owes much of its success to generous financi\
al support from Fidelity, which)Tj
0 Tc 0.035 Tw T*
(allowed for the production of high-quality public service announcements \
that could be aired during prime)Tj
0.04 Tw T*
(viewing hours. Robert L. Reynolds, president, chief executive officer an\
d managing director for institutional)Tj
0.001 Tc 0.014 Tw T*
(investment at Fidelity, said the decision to sponsor Choose to Save was \
an easy one for the mutual fund)Tj
-0.013 Tc T*
(company.)Tj
0 Tc 0.029 Tw 0 -3 TD
(\223It fit with everything we thought education should be,\224 Reynolds \
said. \223It was an outreach program, it had)Tj
0.001 Tc 0.024 Tw 0 -1.5 TD
(a very strong television presence and, I think, above all, it was a camp\
aign on the basics. If you can take)Tj
0.021 Tw T*
(that type of message into people\222s homes, you can make tremendous str\
ides in educating people about)Tj
0 Tc T*
(savings.\224)Tj
0.029 Tw 0 -3 TD
(Of all the advantages of employment-based retirement savings plans\227th\
e opportunity to make tax-deferred)Tj
0.03 Tw 0 -1.5 TD
(investments, payroll deductions, loan options, even the availability of \
employer matches\227education is the)Tj
0.001 Tc 0.029 Tw T*
(single most important key to success, according to Reynolds.)Tj
0.022 Tw 0 -3 TD
(He should know. Fidelity works with more than 5,000 corporations, handli\
ng 401\(k\) plans for more than)Tj
0.014 Tw 0 -1.5 TD
(five million participants. Educational efforts are starting to pay off i\
n a dramatic way, he says: the average)Tj
0 Tc 0.017 Tw T*
(balance in the 401\(k\) plans managed by Fidelity is over $50,000. Fully\
85% of eligible employees participate)Tj
T*
(in the plans. And the average participant is putting 75% of his or her f\
unds in equities\227a \223very, very)Tj
0.001 Tc 0.023 Tw T*
(healthy asset mix\224 that reflects a good understanding of what type of\
investment is likely to produce the)Tj
0 Tc 0.041 Tw T*
(best returns over the long run.)Tj
0.001 Tc 0.013 Tw 0 -3 TD
(Reynolds said efforts like WJLA\222s should be replicated around the cou\
ntry, and he noted that exciting new)Tj
0.028 Tw 0 -1.5 TD
(ways of getting the word about retirement savings out to the public are \
emerging. He said the Internet, in)Tj
0 Tc 0.03 Tw T*
(particular, offers a promising new avenue for educating people about ret\
irement saving and investing)Tj
0.001 Tc 0.017 Tw T*
(because \223it puts real-time information in front of people, and allows\
you to put material out that is)Tj
0.011 Tw T*
(customized to the individual user.\224)Tj
0.023 Tw 0 -3 TD
(All this demonstrates, Reynolds concluded, that \223public education is \
a process and not a one-time event.\224)Tj
/T1_1 1 Tf
0 Tc 0.074 Tw T*
(Employers, Retirement Plans and Education)Tj
/T1_0 1 Tf
0.001 Tc 0.022 Tw 0 -1.5 TD
(Nobody is in a better position to help employees come to grips with the \
financial issues surrounding retire-)Tj
0 Tc 0.032 Tw T*
(ment than employers, who have the opportunity to sponsor tax-advantaged \
retirement plans, the access to)Tj
0.001 Tc 0.017 Tw T*
(employees to explain retirement issues and, importantly, the chance to b\
uild trust needed to make the)Tj
0.026 Tw T*
(message about retirement savings take hold.)Tj
0.019 Tw 0 -3 TD
(But getting that message across takes effort. Summit delegates lauded Ha\
rd Rock Cafes, a RankAmerica)Tj
0 Tc 0.04 Tw 0 -1.5 TD
(unit, for demonstrating how employers can communicate effectively with t\
heir workers about retirement\227)Tj
0.019 Tw T*
(even to a population of employees that is relatively disinclined to cons\
ider retirement issues because it is)Tj
0.047 Tw T*
(young and receives relatively low income.)Tj
0.001 Tc 0.022 Tw 0 -3 TD
(Hard Rock offers employees who invest the minimum 2% of pay in the compa\
ny\222s 401\(k\) plan an employer)Tj
0 Tc 0.02 Tw 0 -1.5 TD
(contribution equal to another 3%. Employees can defer as much as 19% of \
their pay. In addition, they can)Tj
0.026 Tw T*
(invest in any of seven different mutual funds, can transfer funds betwee\
n accounts daily, and can change)Tj
0.001 Tc 0.035 Tw T*
(the amount they are deferring every quarter.)Tj
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(10)Tj
0 Tc 0.025 Tw 10 0 0 10 54 732.5 Tm
(give permanent focus and resources to the savings issue. And he is seeki\
ng to add a standard on retirement)Tj
0.029 Tw 0 -1.5 TD
(to the Oregon Benchmarks, a series of goals by which Oregonians gauge th\
eir quality of life. And as next)Tj
0.001 Tc 0.017 Tw T*
(year\222s president of the National Association of State Treasurers, he \
hopes to spread the idea to other states)Tj
0.025 Tw T*
(around the nation. \223In our way of thinking, the retirement issue is r\
eally a part of a larger issue of eco-)Tj
0.027 Tw T*
(nomic security for all Oregonians,\224 Hill said.)Tj
/T1_1 1 Tf
-0.001 Tc 0.053 Tw 0 -3 TD
(\223Choose to Save\224: A Model Media Campaign)Tj
/T1_0 1 Tf
0 Tc 0.025 Tw 0 -1.5 TD
(Many delegates to the Summit argued that the media should play a major r\
ole in conveying to the public)Tj
0.001 Tc 0.02 Tw T*
(that it is important to save for retirement and in helping people get th\
e tools they need to accomplish that)Tj
0.025 Tw T*
(task. The speakers cited as a model for such public education a six-mont\
h information campaign conducted)Tj
0 Tc 0.03 Tw T*
(in Washington, DC, developed by the ASEC and the EBRI, and undertaken in\
partnership with WJLA-ABC)Tj
0.028 Tw T*
(7 television, News Channel 8 and radio stations of the Bonneville Corpor\
ation: WTOP, WGMS, Z104.)Tj
0.001 Tc 0.011 Tw T*
(Associated Press Radio and the)Tj
0 Tc 0.009 Tw T*
(Washington, DC Metro Area Transit Authority joined in the partnership as\
well.)Tj
0.017 Tw 0 -3 TD
(ASEC and EBRI provided their expertise on retirement issues to help WJLA\
, the local ABC affiliate in)Tj
0.036 Tw 0 -1.5 TD
(Washington, produce a series of public service announcements, weekly new\
s segments, community forums)Tj
0.026 Tw T*
(and town hall meetings. The project culminated with a one-hour, prime-ti\
me special aired in June. The)Tj
0.001 Tc 0.037 Tw T*
(entire effort was underwritten by Fidelity Investments.)Tj
0 Tc 0.022 Tw 0 -3 TD
(Contrary to the belief of at least some journalists, the public is very \
interested in learning about retirement)Tj
0.001 Tc 0.02 Tw 0 -1.5 TD
(issues, argued Horace Holmes, a WJLA reporter and anchor. \223What I hav\
e learned over the past six months)Tj
0 Tc 0.022 Tw T*
(is that the public is extremely interested in personal finance, and that\
local television newscasts do a very)Tj
0.001 Tc 0.02 Tw T*
(bad job of giving them all the air time and the type of stories and the \
type of information that they want,\224)Tj
0.017 Tw T*
(he told delegates. All of the viewers that I\222ve talked to over the pa\
st six months have said the same thing: `I)Tj
0.019 Tw T*
(want to save for my future but, with all of my responsibilities, I don\222\
t know how. I don\222t know where to)Tj
0.018 Tw T*
(begin and, even if I did come up with a plan to put some cash aside, I d\
on\222t know the best place to put that)Tj
0 Tc 0.029 Tw T*
(money in order to make it grow and work for me.\222\224)Tj
0.022 Tw 0 -3 TD
(The \223Choose to Save\224 Campaign produced a number of resources that \
will be available to television and)Tj
0.001 Tc 0.023 Tw 0 -1.5 TD
(radio stations in other cities. For instance, it designed specific publi\
c service advertisements geared to each)Tj
T*
(of the three major personality types that experts say characterize those\
who are failing to save for retire-)Tj
0.03 Tw T*
(ment\227\223strugglers,\224 who want to save but are having trouble maki\
ng ends meet; \223impulsives,\224 who spend)Tj
0 Tc 0.033 Tw T*
(for immediate gratification rather than considering their long-term need\
s; and \223deniers,\224 who flatly refuse)Tj
0.001 Tc 0.026 Tw T*
(to face the reality that someday they will reach retirement age.)Tj
0 Tc 0.02 Tw 0 -3 TD
(To help people get started in planning for retirement, the campaign high\
lighted the \223Ballpark Estimate,\224 a)Tj
0.017 Tw 0 -1.5 TD
(one-page form developed by ASEC that enables individuals to make quick a\
nd easy estimates of what they)Tj
0.001 Tc 0.023 Tw T*
(will need to save and invest each year to meet their retirement objectiv\
es. News stories and other features)Tj
0.026 Tw T*
(of the campaign delved into retirement issues in more depth.)Tj
0 Tc 0 -3 TD
(\223Whenever we\222ve been able during this campaign to inform our viewe\
rs about just how simple it is to)Tj
0.029 Tw 0 -1.5 TD
(formulate that retirement plan, and when we\222ve been able to get them \
hooked up with organizations like)Tj
0.024 Tw T*
(ASEC and EBRI to help them out, the response from the public has been no\
thing but positive,\224 Holmes)Tj
-0.001 Tc T*
(added.)Tj
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(9)Tj
0.03 Tw 10 0 0 10 54 735 Tm
(In its public service announcements, Berg said, the Department wants \223\
our message to cross gender lines,)Tj
0.022 Tw 0 -1.5 TD
(income and cultural lines so, that all American workers can identify wit\
h this retirement savings message.\224)Tj
0.024 Tw T*
(One advertisement features Oseola McCarty, who washed clothes for 75 yea\
rs and never earned more than)Tj
0.014 Tw T*
($10 a bundle for the laundry, yet managed to save $250,000. Another show\
s Girl Scouts in Nashville who)Tj
0.024 Tw T*
(are starting their own investment club, in the process demonstrating tha\
t it is never too early to start)Tj
0.009 Tc T*
(saving.)Tj
0 Tc 0.027 Tw 0 -3 TD
(Besides encouraging people to get into the pension system, the Labor Dep\
artment program seeks to make)Tj
0.018 Tw 0 -1.5 TD
(people already in the system feel secure about their benefits. To that e\
nd, it has produced a variety of)Tj
0.035 Tw T*
(materials on protecting one\222s pension and knowing pension rights, suc\
h as )Tj
/T1_1 1 Tf
0.036 Tw 35 0 Td
(What You Should Know About)Tj
0.065 Tw -35 -1.5 Td
(Your Pension Rights)Tj
/T1_0 1 Tf
-0.019 Tc 9.55 0 Td
( and )Tj
/T1_1 1 Tf
0 Tc 0.068 Tw 2.45 0 Td
(Protect Your Pension)Tj
/T1_0 1 Tf
0 Tw 9.75 0 Td
(.)Tj
0.001 Tc 0.028 Tw -21.75 -3 Td
(For small business owners, the Labor Department in conjunction with the \
Treasury Department have)Tj
0 Tc 0.032 Tw T*
(produced a booklet explaining options such as SIMPLE \(Savings Incentive\
Match Plan for Employees\))Tj
0.02 Tw T*
(plans, SEP \(Simplified Employee Plans\), 401\(k\) plans, profit-sharing\
plans and payroll-deduction individual)Tj
0.029 Tw T*
(retirement accounts \(IRAs\). The Department partnered with the National\
Association of Women Business)Tj
0.001 Tc 0.015 Tw T*
(Owners to distribute its small business materials to their more than 9,0\
00 members, who are primarily)Tj
0.022 Tw T*
(small business owners. The week of the Summit, the Department also unvei\
led on its website)Tj
0.027 Tw T*
(\(www.dol.pwba.gov\) an interactive \223small business retirement saving\
s advisor\224 that will help employers)Tj
0.024 Tw T*
(determine which type of plan is most appropriate for them\227and then he\
lp them set in motion the process)Tj
0.021 Tw T*
(of establishing a plan for their employees.)Tj
0 -3 TD
(\223We are trying to help American workers wade through what seems to th\
em like a sea of information,\224 Berg)Tj
0.014 Tw 0 -1.55 TD
(said. \223We are trying to turn that sea into a pond to make it more acc\
essible.\224)Tj
/T1_2 1 Tf
0 Tc 0.066 Tw 0 -3 TD
(Oregon: A Model State Initiative)Tj
/T1_0 1 Tf
0.018 Tw 0 -1.5 TD
(Jim Hill, the State Treasurer in Oregon, believes it will take )Tj
/T1_1 1 Tf
0.005 Tc 28.4 0 Td
(all)Tj
/T1_0 1 Tf
0 Tc 0.019 Tw 1.25 0 Td
( levels of government to address the retire-)Tj
0.025 Tw -29.65 -1.5 Td
(ment savings problem\227and the levels of government that are closest to\
the people can be especially effec-)Tj
T*
(tive in getting information about the issue to the public.)Tj
0.001 Tc 0.023 Tw 0 -3 TD
(Hill helped persuade the Oregon State Legislature to establish a task fo\
rce on retirement, which subse-)Tj
0.036 Tw 0 -1.5 TD
(quently found that less than half of Oregonians were saving through empl\
oyer-sponsored pension plans,)Tj
0.023 Tw T*
(that the state ranked fourth in the nation in nonmortgage consumer debt,\
that last year it hit an all-time)Tj
0.028 Tw T*
(high in bankruptcies and, as in the rest of the nation, most people did \
not know how much money they)Tj
0.039 Tw T*
(have or how much money they will need for retirement.)Tj
0.02 Tw 0 -3 TD
(To help correct the problem, Hill subsequently formed a partnership with\
public- and private-sector part-)Tj
0 Tc 0.043 Tw 0 -1.5 TD
(ners to organize Project Green Purse: Everywoman\222s Money Conference. \
The conference, to be held in)Tj
0.001 Tc 0.019 Tw T*
(September, is expected to attract about 1,300 women to the Portland Conv\
ention Center and perhaps a)Tj
0 Tc 0.02 Tw T*
(thousand more to live satellite sites all around Oregon to address the p\
articular retirement issues faced by)Tj
0.009 Tc T*
(women.)Tj
0 Tc 0.022 Tw 0 -3 TD
(\223This conference is not just about talk,\224 Hill told Summit delegat\
es. He said the conference will bring)Tj
0.025 Tw 0 -1.5 TD
(nationally recognized experts to address substantive issues.)Tj
0.029 Tw 0 -3 TD
(The conference will not be a one-time event. Hill also is working toward\
holding a conference or series of)Tj
0.023 Tw 0 -1.5 TD
(conferences to develop a small business pension education agenda. He has\
drafted an Oregon Savers Act to)Tj
ET
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BT
0 0 0 1 k
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/T1_0 1 Tf
-0.002 Tc -0.006 Tw 14 0 0 14 54 732.5 Tm
(III. Models for Educating the Public about Retirement Saving)Tj
/T1_1 1 Tf
0.001 Tc 0.027 Tw 10 0 0 10 54 702.5 Tm
(During the two days of the Summit delegates returned repeatedly to the n\
eed to educate individuals and)Tj
0 Tc 0.035 Tw 0 -1.5 TD
(employers alike on the retirement-saving issue. Concerning individuals, \
Treasury Secretary Robert Rubin)Tj
0.033 Tw T*
(argued for a three-pronged educational strategy aimed at: encouraging th\
ose who are not saving at all,)Tj
0.036 Tw T*
(particularly lower and middle-income workers, to start saving; teaching \
young people the value of saving;)Tj
0.03 Tw T*
(and helping those who already are saving to understand how much to save \
and what vehicles for saving are)Tj
0.015 Tw T*
(available to them.)Tj
0.001 Tc 0.019 Tw 0 -3 TD
(Other delegates noted that educational strategies aimed at individuals m\
ust be tailored to reach different)Tj
0.03 Tw 0 -1.5 TD
(groups, including minorities, women, low-income workers, and people who \
do not speak English as a first)Tj
0.006 Tc T*
(language.)Tj
0 Tc 0.017 Tw 0 -3 TD
(Employers need to be better informed as well, the delegates agreed. Too \
many employers, especially small-)Tj
0.039 Tw 0 -1.5 TD
(business owners, do not currently understand the options they have\227so\
me quite inexpensive\227to sponsor)Tj
0.001 Tc 0.035 Tw T*
(retirement plans for employees.)Tj
0.021 Tw 0 -3 TD
(In a plenary session on the second day of the Summit, the speakers discu\
ssed five models that exemplify)Tj
0.029 Tw 0 -1.5 TD
(the kind of public and private commitment required to get working Americ\
ans on track toward financially)Tj
0 Tc 0.031 Tw T*
(secure retirements. David Walker, moderator of the panel, noted that, \223\
The rapid movement by the private)Tj
0.035 Tw T*
(sector to defined contribution type vehicles and voluntary savings arran\
gements serves to increase the)Tj
0.042 Tw T*
(importance of retirement planning and investment education.\224)Tj
/T1_0 1 Tf
0.098 Tw 0 -3 TD
(Retirement Savings Education Campaign)Tj
/T1_1 1 Tf
0.028 Tw 0 -1.5 TD
(Launched by the U.S. Department of Labor in 1995, this public-informatio\
n project has grown from 65)Tj
0.015 Tw T*
(public- and private-sector partners to over 250 today. The Department ha\
s distributed more than 25 publi-)Tj
0.026 Tw T*
(cations geared to educate individuals and employers about savings and ho\
w to protect pension benefits. In)Tj
0.029 Tw T*
(addition, it has produced public service announcements that have appeare\
d in English and Spanish in more)Tj
0.001 Tc 0.012 Tw T*
(than 90,000 separate issues of approximately 11,000 newspapers and perio\
dicals. Separate public service)Tj
0 Tc 0.023 Tw T*
(announcements have been distributed to local television stations around \
the country.)Tj
0.03 Tw 0 -3 TD
(As described during the Summit by then-Assistant Labor Secretary Olena B\
erg, the project\222s signature)Tj
-0.005 Tc 0 -1.5 TD
(brochure, )Tj
/T1_2 1 Tf
0 Tc 4.7 0 Td
(Top 10 Ways to Beat the Clock and Save for Retirement)Tj
/T1_1 1 Tf
0.001 Tc 25.65 0 Td
(, presents a basic, easy-to-follow list of)Tj
0 Tc 0.024 Tw -30.35 -1.5 Td
(steps individuals should take to ensure their financial security. Steps \
include determining how much money)Tj
T*
(one will need in retirement, how to find out what one\222s Social Securi\
ty benefits are likely to be, and how to)Tj
0.027 Tw T*
(find out what retirement savings options are available through one\222s \
employers.)Tj
0.001 Tc 0.029 Tw 0 -3 TD
(\223Most importantly in this brochure, we directed people to other sourc\
es of information,\224 Berg said. The)Tj
0 Tc 0.026 Tw 0 -1.5 TD
(brochure is available in English and Spanish.)Tj
0.001 Tc 0.034 Tw 0 -3 TD
(To reach women, the Labor Department worked with organizations such as t\
he Women\222s Pension Consor-)Tj
0 Tc 0.029 Tw 0 -1.5 TD
(tium and the National Council of Negro Women to produce a checklist that\
encourages women to find)Tj
0.001 Tc 0.024 Tw T*
(answers to questions particular to their needs. Again, said Berg, the qu\
estions are basic ones: \223Does your)Tj
0 Tc 0.025 Tw T*
(employer offer a pension plan? What kind of plan is it? What happens to \
your benefit if you change jobs?)Tj
0.031 Tw T*
(What happens to your benefit if you retire early? What entitlement might\
you have to your spouse\222s pen-)Tj
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(sion or survivor benefits?\224)Tj
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0.001 Tc 0.135 Tw 10 0 0 10 160.5 732.5 Tm
[(T)162(a)13(ble 2)]TJ
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-0.026 Tc 0.112 Tw 11 0 0 11 88.5 719 Tm
(Mean V)Tj
-0.003 Tc 0.087 Tw 3.409 0 Td
(alue of P)Tj
-0.015 Tc 0.056 Tw 4.318 0 Td
(ension W)Tj
0.002 Tc 0.087 Tw 4.364 0 Td
[(ealth f)47(o)2(r)]TJ
-0.018 Tc 0.183 Tw -11.227 -1.182 Td
(Selected W)Tj
0 Tc 0.121 Tw 5.318 0 Td
[(ealth Deciles,)45( 1992)]TJ
/T1_0 1 Tf
0.013 Tc -0.001 Tw -7.409 -7.045 Td
( 1)Tj
6.681 0 Td
[($1,356)-4487($42,312)]TJ
0.011 Tc 0.001 Tw -6.681 -1.182 Td
[( 3)-4989($19,181)-4489($93,920)]TJ
0.015 Tc -0.003 Tw 0 -1.227 TD
[( 7)-4394($125,635)-3894($142,981)]TJ
0 -1.182 TD
[(1)-9(0)-4394($389,865)-3894($161,605)]TJ
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0.008 Tc 10 0 0 10 69.5 670 Tm
[(W)52(ealth)]TJ
-0.006 Tc 0.2 -1.2 Td
(Decile)Tj
0.001 Tc 7.2 1.2 Td
[(P)18(ension)]TJ
0.008 Tc 0.25 -1.2 Td
[(W)52(ealth)]TJ
-0.005 Tc 9.3 2.4 Td
(Social)Tj
-0.002 Tc -0.45 -1.2 Td
(Security)Tj
0.008 Tc 0.25 -1.2 Td
[(W)52(ealth)]TJ
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(Source: Moore and Mitchell, 1998.)Tj
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[(Note:)57( In this tab)57(le, wealth is the present v)57(alue of all)]TJ
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[(defined benefit and defined contr)-57(ib)55(ution pension)]TJ
0 Tc 0 -1.222 TD
[(accr)-56(uals.)]TJ
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[(T)162(a)13(ble 3)]TJ
/T1_1 1 Tf
-0.001 Tc 0.083 Tw 11 0 0 11 340 720.5 Tm
[(P)30(ension P)45(a)-11(r)-46(ticipation Rates )]TJ
-0.045 Tc 0.129 Tw 13.713 0 Td
[(for W)35(a)-34(g)-70(e)]TJ
-0.003 Tc 0.113 Tw -10.894 -1.227 Td
[(and Salar)-48(y)128( )-51(W)77(orker)42(s)13(,)-3( 1993)]TJ
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(All W)Tj
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(orkers)Tj
0.037 Tc -2.167 -2.222 Td
[(T)148(otal)-2852(M)9(e)9(n)-1963(W)]TJ
0.018 Tc 10.056 0 Td
(omen)Tj
0.037 Tc -18.667 -2.222 Td
[(T)148(otal)-6574(4)10(9)10(%)-3185(5)10(1)10(%)-2630(4)10(6)10(%)]TJ
0 Tc 0 -2.222 TD
[(Hispanic)-5000(32)-4167(32)-3611(33)]TJ
0.002 Tc 0 -1.111 TD
[(African-American)-1109(46)-4165(46)-3609(47)]TJ
0.014 Tc T*
[(White)-6208(5)15(1)-4153(5)15(5)-3597(4)15(7)]TJ
0.002 Tc T*
[(Asian-American)-1720(41)-4165(41)-3609(41)]TJ
-0.005 Tc 0.255 Tw 5.722 -2.222 Td
[(Pr)-61(iv)51(ate-Sector Workers)]TJ
0.037 Tc -5.722 -2.222 Td
[(T)148(otal)-6574(4)38(3)-4130(4)38(6)-3574(3)38(9)]TJ
0 Tc 0 -2.222 TD
[(Hispanic)-5000(26)-4167(24)-3611(28)]TJ
0.002 Tc 0 -1.111 TD
[(African-American)-1109(38)-4165(40)-3609(36)]TJ
0.014 Tc T*
[(White)-6208(4)15(6)-4153(5)15(0)-3597(4)15(1)]TJ
0.002 Tc T*
[(Asian-American)-1720(35)-4165(36)-3609(36)]TJ
-0.004 Tc 0.198 Tw 5.944 -2.222 Td
(Public-Sector Workers)Tj
0.037 Tc -5.944 -2.222 Td
[(T)148(otal)-6574(7)38(1)-4130(8)38(0)-3574(7)38(4)]TJ
0 Tc 0 -2.222 TD
[(Hispanic)-5000(72)-4167(82)-3611(74)]TJ
0.002 Tc 0 -1.111 TD
[(African-American)-1109(71)-4165(65)-3609(76)]TJ
0.014 Tc T*
[(White)-6208(7)15(8)-4153(8)15(4)-3597(7)15(4)]TJ
0.002 Tc T*
[(Asian-American)-1720(70)-4165(67)-3609(68)]TJ
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-0.001 Tc -0.062 Tw 8 0 0 8 324.5 375 Tm
[(Source:)62( U)62(.)6(S.)89( Depar)-63(tment of Labor tabulations of the 1993)]TJ
0.003 Tc -0.05 Tw 0 -1.187 TD
[(Current P)128(opulation Surve)59(y)128(.)]TJ
/T1_2 1 Tf
0 Tc 0 Tw 9 0 0 9 36 21.5 Tm
(7)Tj
/T1_3 1 Tf
-0.001 Tc 0.035 Tw 10 0 0 10 54 492.5 Tm
(Low-income workers)Tj
/T1_2 1 Tf
0.001 Tc 0.036 Tw 10.9 0 Td
(. Dallas Salisbury, president)Tj
0 Tc 0.029 Tw -10.9 -1.5 Td
(of the Employee Benefit Research Institute and)Tj
0.039 Tw 0 -1.5 TD
(chairman of the American Savings Education Coun-)Tj
0.001 Tc 0.026 Tw T*
(cil, noted that the nation faces \223tremendous chal-)Tj
0 Tc 0.034 Tw T*
(lenges\224 in helping low-income families accumulate)Tj
0.001 Tc 0.029 Tw T*
(what they will need to retire.)Tj
0 Tc 0.028 Tw 0 -3 TD
(According to figures in slides presented by Salisbury,)Tj
0.001 Tc 0.018 Tw 0 -1.5 TD
(the 10% of families with the lowest income in the)Tj
0 Tc 0.038 Tw T*
(U.S. have pension wealth worth, on average, $1,356,)Tj
0.001 Tc 0.028 Tw T*
(and the present value of their Social Security ben-)Tj
0.017 Tw T*
(efits is $42,312. In comparison, the wealthiest 10% hold pension assets \
worth an average of $389,865, and)Tj
0 Tc 0.018 Tw T*
(the present value of their Social Security entitlements is $161,605. \(S\
ee Table 2\))Tj
/T1_3 1 Tf
-0.001 Tc 0.035 Tw 0 -3 TD
(Women and Minorities. )Tj
/T1_2 1 Tf
0.001 Tc 0.036 Tw 12.4 0 Td
(Ann Combs of William M. Mercer Companies, Inc., noted that women and)Tj
0 Tc 0.028 Tw -12.4 -1.5 Td
(minorities on average are less likely to receive retirement income from \
pensions than white males.)Tj
0.001 Tc 0.022 Tw T*
(Specifically, 32% of current female retirees received pension benefits i\
n 1994, compared to 55% of male)Tj
0 Tc 0.02 Tw 0 -1.5 TD
(retirees, and the average benefit for women was only half as large as th\
at paid to men. At the same time,)Tj
0.022 Tw T*
(32% of Hispanics received pension benefits, compared to 40% of African A\
mericans and 52% of white)Tj
0.001 Tc 0.027 Tw T*
(retirees. Not surprisingly, older women are twice as likely to be poor. \
Elderly African Americans are three)Tj
0 Tc 0.012 Tw T*
(times as likely to be poor.)Tj
0.024 Tw 0 -3 TD
(The problem, according to Combs, is that both groups tend to earn lower \
wages than white males and to)Tj
0.001 Tc 0.029 Tw 0 -1.5 TD
(have shorter job tenures. That, in turn, reflects in large part the fact\
that these groups, especially women,)Tj
0.024 Tw T*
(are more likely to work part time, and are disproportionately represente\
d in the retail and service sectors)Tj
0.026 Tw T*
(where relatively few employers offer pension plans and are less likely t\
o belong to unions.)Tj
0 Tc 0 -3 TD
(The challenge in meeting the needs of these groups, then, will be to exp\
and the access to pensions available)Tj
0.001 Tc 0.03 Tw 0 -1.5 TD
(among the employers where such workers tend to be clustered, Combs concl\
uded. \(See Table 3\))Tj
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[(T)162(a)13(ble 1)]TJ
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(Retirement Plan Sponsorship and)Tj
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[(P)41(a)-14(rticipation Among Priv)]TJ
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[(Source:)62( Employ)62(ee Benefit Research Institute \(EBRI\) tabulations of the 1993 Current)]TJ
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(6)Tj
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(\223Flexibility, choice and control\224 are the watchwords for a success\
ful employment-based retirement-savings)Tj
0 Tc 0.038 Tw 0 -1.5 TD
(system today, Tsao suggested. And she concluded: \223Together, we must e\
ducate our workforce, because)Tj
0.001 Tc 0.023 Tw T*
(otherwise we will have a workforce that is ill-prepared for retirement a\
nd that will be dependent on social)Tj
0.029 Tw T*
(programs. Both of these will hamper the competitiveness of our nation in\
the future.\224)Tj
0 Tc 0.033 Tw 0 -3 TD
(James Ray of Connerton Ray noted the role of unions and collective barga\
ining in expanding pension)Tj
0.001 Tc 0 -1.5 TD
(coverage particularly for low and moderate wage workers, as well as prov\
iding education about retirement)Tj
0 Tc 0.03 Tw T*
(needs. Emphasizing the need for continuity, Ray argued that traditional \
defined benefit pension plans, in)Tj
0.027 Tw T*
(which employers guarantee retirement benefits based on salary and years \
on the job, should be the main-)Tj
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(stay of the retirement system. These plans best shield workers from risk\
, and unlike defined contribution)Tj
0 Tc 0.02 Tw T*
(plans, enable plan sponsors to provide pension benefits based on years o\
f service, can be used to mitigate)Tj
0.001 Tc 0.032 Tw T*
(the effects of corporate down-sizing, and allow for post-retirement bene\
fit increases, he argued.)Tj
0 Tc 0.026 Tw 0 -3 TD
(But Ray also acknowledged the virtues of defined contribution plans, par\
ticularly as supplemental plans for)Tj
0.001 Tc 0 -1.5 TD
(those workers who can afford to save. A combination of both defined bene\
fit and defined contribution plans)Tj
0.03 Tw T*
(would represent the \223best of both worlds\224\227a \223sound foundatio\
n,\224 guaranteed lifetime income and worker)Tj
0 Tc 0.075 Tw T*
(control, he concluded.)Tj
/T1_3 1 Tf
-0.001 Tc 0.085 Tw 0 -3 TD
(Problem Areas)Tj
/T1_2 1 Tf
0.001 Tc 0.024 Tw 0 -1.5 TD
(While saving for retirement is inadequate among all segments of the popu\
lation, delegates focused espe-)Tj
0.03 Tw T*
(cially on several groups that are particularly at risk, including:)Tj
/T1_3 1 Tf
0 -3 TD
(Small Businesses)Tj
/T1_2 1 Tf
0 Tc 0.031 Tw 8.95 0 Td
(. According to Summit background materials, 79% of all private wage and \
salary work-)Tj
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(ers whose employers have 100 or more workers have access to pension plan\
s at work, compared to 42% of)Tj
0.029 Tw 0 -1.5 TD
(workers in companies employing between 25 and 99 workers and 17% of work\
ers whose employers have)Tj
0.012 Tw T*
(fewer than 25 workers. \(See Table 1\))Tj
0.026 Tw 0 -3 TD
(Craig Hoffman, vice president and general counsel for Corbel & Co., said\
there are two basic reasons many)Tj
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(small businesses do not offer pension plans. First, many employees do no\
t demand pension plans, at least)Tj
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(compared to cash compensation or health benefits. In addition, many empl\
oyers worry about the cost of)Tj
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(employer contributions and the expense of administering pension plans.)Tj
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(29)Tj
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(6)Tj
-0.041 Tc 2.786 5.643 Td
(65)Tj
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(33)Tj
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(7)Tj
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(60)Tj
/T1_4 1 Tf
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(5)Tj
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(Josephine Tsao, vice president for global benefits)Tj
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(and compensation for IBM Corporation, said)Tj
0 Tc 0.039 Tw 0 -1.55 TD
(that role is changing though. In today\222s complex)Tj
0.036 Tw 0 -1.5 TD
(and highly competitive global marketplace,)Tj
0.001 Tc 0.024 Tw T*
(\223employer paternalism and altruism can no)Tj
0 Tc 0.035 Tw T*
(longer be the sole foundation for employer-)Tj
0.001 Tc 0.038 Tw T*
(sponsored retirement savings programs,\224 she)Tj
0.003 Tc T*
(said.)Tj
0 Tc 0.024 Tw 0 -3 TD
(Instead, she described the retirement system of)Tj
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(the future as a partnership between employees,)Tj
0.045 Tw T*
(employers and government. Employees must)Tj
0.001 Tc -0.005 Tw T*
(assume more responsibility, she said. Employers)Tj
0.019 Tw T*
(must serve not simply as providers of benefits,)Tj
0.012 Tw T*
[(but as \223contributors to and facilitators o)-63(f)-63(\224)]TJ
0 Tc 0.039 Tw T*
(individual savings efforts. And government must)Tj
T*
(provide both a foundation through Social Secu-)Tj
0.001 Tc 0.016 Tw T*
(rity and a \223stable framework\224 of rules that allow)Tj
0 Tc 0.021 Tw T*
(employers to adjust their retirement plans to)Tj
0.001 Tc 0.029 Tw T*
(meet competitive demands and employee needs.)Tj
0.032 Tw 0 -3 TD
(This new partnership can work, Tsao argued. Fully 90% of IBM\222s U.S. w\
orkforce voluntarily participates in)Tj
0 Tc 0.018 Tw 0 -1.5 TD
(the company\222s 401\(k\) retirement saving plan. Some 60% of their asse\
ts are invested in equities,)Tj
0.029 Tw T*
(demonstrating that they understand issues such as long-term investment s\
trategy. What\222s more, 25,000)Tj
0.001 Tc 0.025 Tw T*
(IBM employees have worked with outside experts to prepare individual fin\
ancial plans, and 40,000 are)Tj
0 Tc 0.021 Tw T*
(managing their own retirement accounts using the World Wide Web.)Tj
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(4)Tj
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(Reporting on the 1998 Retirement Confidence Survey, Mathew Greenwald, pr\
esident of Mathew Greenwald)Tj
0.022 Tw 0 -1.5 TD
(& Associates, told Summit delegates that 31% of current workers are \223\
clearly worried\224 about their financial)Tj
0.03 Tw T*
(prospects in retirement. Another 44% are only \223somewhat confident.\224\
That means they believe they will)Tj
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(have sufficient income if inflation remains subdued and they remain heal\
thy\227assumptions that will prove)Tj
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(unrealistic for many Americans, according to Greenwald. He noted, for in\
stance, 40% of current retirees)Tj
0.029 Tw T*
(had to leave work earlier than they had planned, many for health reasons\
. That leaves only about one in)Tj
0.04 Tw T*
(four Americans who are very confident they will have enough money to liv\
e comfortably when they retire.)Tj
/T1_1 1 Tf
-0.001 Tc 0.045 Tw 0 -3 TD
(The Need for Education)Tj
/T1_0 1 Tf
0 Tc 0.027 Tw 0 -1.5 TD
(While the large number of people who face retirement with trepidation is\
cause for concern, it is equally)Tj
0.001 Tc 0.02 Tw T*
(troubling that individuals\222 assessments are almost certainly uninform\
ed. Greenwald noted that half of all)Tj
0.034 Tw T*
(current workers have never tried to figure out what they will need when \
they retire. And, he added, previ-)Tj
0.023 Tw T*
(ous studies suggest that half of those who try to make such calculations\
do not succeed in coming up with a)Tj
0.005 Tc T*
(figure.)Tj
0.001 Tc 0.02 Tw 0 -3 TD
(Moreover, Greenwald added, many people underestimate their life expectan\
cy, which for today\222s retirees)Tj
0 -1.5 TD
(easily can stretch 30 or more years beyond the traditional retirement ag\
e of 65. He also said relatively few)Tj
0.035 Tw T*
(people know the cost of long-term care, and therefore underestimate thei\
r retirement income needs.)Tj
0.028 Tw 0 -3 TD
(In many cases, employers are as uninformed as employees, judging from th\
e Small Employer Retirement)Tj
0 Tc 0.036 Tw 0 -1.5 TD
(Survey conducted by Greenwald with the Employee Benefit Research Institu\
te \(EBRI\) and the American)Tj
0.02 Tw T*
(Savings Education Council \(ASEC\). Of the 35 million people employed in\
small companies, 26 million do not)Tj
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(have access to retirement plans at work. \223Small businesses that do no\
t offer plans exhibit real misunder-)Tj
0.028 Tw T*
(standing of what is required,\224 Greenwald said. \223Many think plans a\
re more expensive than they have to be.)Tj
0.024 Tw T*
(They do not understand they can set up a plan for less than $2,000, that\
they aren\222t required to match)Tj
0 Tc 0.028 Tw T*
(employee contributions or that they can share administrative costs with \
employees.\224)Tj
0 -3 TD
(Despite the clear importance of saving to ensure a retirement income bey\
ond what Social Security will)Tj
0.001 Tc 0.032 Tw 0 -1.5 TD
(provide, one worker in three is not setting aside any money personally f\
or retirement, according to the)Tj
0 Tc 0.007 Tw T*
(Retirement Confidence Survey. The personal savings rate is at or near a \
post-World War II low. \(See Chart)Tj
0.029 Tw T*
(2\) Only 10% of eligible taxpayers are making tax-deductible contributio\
ns to individual retirement accounts)Tj
0.02 Tw T*
(\(IRAs\). And just 40% of the individual distributions of pension funds \
made to job changers were rolled over)Tj
0.037 Tw T*
(into tax-deferred retirement accounts, suggesting that many workers are \
not holding on to their retirement)Tj
0.024 Tw T*
(savings but rather are spending them for other, short-term purposes. \(S\
ee Chart 3\))Tj
0 -3 TD
(Most nonsavers say they have too many other financial responsibilities, \
but in many cases that is a myth,)Tj
0.028 Tw 0 -1.5 TD
(he added. Over half of individuals polled in the Retirement Confidence S\
urvey said they could afford to save)Tj
0.001 Tc T*
($20 more per week.)Tj
0.018 Tw 0 -3 TD
(Consider this: if a worker starts saving $20 a week at age 30 and earns \
10% on his or her investment, that)Tj
0 Tc 0.022 Tw 0 -1.5 TD
(would add up to a retirement nest egg worth $310,000 by age 65.)Tj
/T1_1 1 Tf
0.045 Tw 0 -3 TD
(The Role of Employers and Unions)Tj
/T1_0 1 Tf
0.024 Tw 0 -1.5 TD
(While suggesting that individuals need to save for their own retirement,\
Summit participants stressed that)Tj
0.001 Tc T*
(employers must continue to play a central role as well.)Tj
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(II. Current State of Retirement Savings and Education Today)Tj
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0.001 Tc 0.03 Tw 10 0 0 10 54 707 Tm
(The Summit rose out of concern over a simple but far-reaching fact: many\
Americans are not planning or)Tj
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(saving enough to be able to afford to retire.)Tj
/T1_0 1 Tf
0.001 Tc 0.095 Tw 0 -3 TD
(The Challenge)Tj
/T1_1 1 Tf
0 Tc 0.038 Tw 0 -1.5 TD
(Delegates, who received a background report summarizing 20 years of rese\
arch on retirement finance,)Tj
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(reviewed the current state of saving during an opening plenary meeting. \
A presentation by the American)Tj
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(Savings Education Council Chairman and delegate Dallas Salisbury set the\
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(Chart 1 from the report and Salisbury\222s presentation shows that emplo\
yment-based pensions and personal)Tj
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(savings currently account for a small share of retirement income receive\
d by the majority of Americans.)Tj
0.029 Tw T*
(Indeed, 80% of elderly Americans rely on Social Security for most of the\
ir retirement income, and the)Tj
0.028 Tw T*
(lowest-income 40% of Americans depend on it almost exclusively. \(In acc\
ordance with the SAVER Act,)Tj
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(Social Security reform was not a topic for the Summit, which focused on \
private pensions and individual)Tj
T*
(savings.\))Tj
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(Despite these figures, Social Security was never intended to serve as th\
e sole source of income for retirees.)Tj
0 Tc 0.023 Tw 0 -1.5 TD
(A person who earned $15,000 a year and retires in 1998 at age 65, for in\
stance, can expect Social Security)Tj
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(to replace just one-half of his or her preretirement income. And the \223\
replacement rate\224 drops steadily for)Tj
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(individuals in higher income brackets: an individual who earned $68,400 \
before retirement, for instance,)Tj
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(will receive the maximum $1,248 monthly benefit, but that will equal les\
s than one-quarter of his or her)Tj
0.002 Tc 0.1 Tw T*
(preretirement income.)Tj
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(Inadequate pension and personal savings may explain why many Americans l\
ook to retirement with consid-)Tj
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(erable uncertainty. \223Savings, retirement and retirement security are \
some of the most important features of)Tj
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(life in America over a very long period of time,\224 stated Rep. Richard\
Gephardt \(D-Mo\). \223All of us know that)Tj
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o put away funds to save money)Tj
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(while one is working.\224)Tj
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(Chart 1)Tj
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[(Income of Elderl)44(y Individuals \(Ag)-46(es 65 and Older\) fr)44(om Specified Sources,)]TJ
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[(b)18(y)-1( Income Quintile,)49( 1996)]TJ
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[(P)100(ensions and Ann)75(uities)]TJ
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(Income from Assets)Tj
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(2)Tj
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(income and payroll taxes or a significant increase in tax incentives to \
encourage greater savings. Some)Tj
0.001 Tc 0.028 Tw 0 -1.5 TD
(possible strategies undoubtedly will prove controversial, and may confli\
ct with other objectives. But the)Tj
0 Tc 0.032 Tw T*
(Summit demonstrated that Americans believe the underlying goal\227a secu\
re retirement for all Americans\227)Tj
0.001 Tc 0.024 Tw T*
(transcends partisan politics. \223Americans should be able to count on p\
redictable and secure retirement)Tj
T*
(benefits for life,\224 said Vice President Al Gore. \223We must ensure t\
hat dreams deferred never become dreams)Tj
T*
(denied.\224)Tj
0 Tc 0 -3 TD
(\223This is something you won\222t see very often,\224 noted Senate Majo\
rity Leader Trent Lott. \223Here we are all)Tj
0.047 Tw 0 -1.5 TD
(together\227the legislative branch, executive branch, Republicans, Democ\
rats, maybe even liberals, conserva-)Tj
0.001 Tc 0.03 Tw T*
(tives, moderates and everything in between. This can be, may be, should \
be the beginning of doing some-)Tj
0 Tc 0.036 Tw T*
(thing very important for this country.\224 As House Speaker Newt Gingric\
h stressed, \223You know, having us up)Tj
T*
(here together is more than just symbolic. When we work together, good th\
ings happen.\224)Tj
0.029 Tw 0 -3 TD
(The stakes are high. The future of millions of working Americans\227and \
their children\227may be shaped in)Tj
0.001 Tc 0.022 Tw 0 -1.5 TD
(important ways by what flows from the Summit and follow-up gatherings sc\
heduled for 2001 and 2005. But)Tj
-0.005 Tw T*
(the time to start is now.)Tj
0.011 Tw 0 -3 TD
(As President Clinton said, \223We have an obligation to deal with this c\
hallenge, and deal with it now. And we)Tj
0 Tc 0.029 Tw 0 -1.5 TD
(have an opportunity to do so.\224)Tj
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(I. Introduction)Tj
/T1_1 1 Tf
0 Tc 0.024 Tw 10 0 0 10 54 698 Tm
(Americans must save more today if they are to realize the dream of a fin\
ancially secure retirement)Tj
-0.003 Tc 0 -1.5 TD
(tomorrow.)Tj
0 Tc 0.018 Tw 0 -3 TD
(That is the message of the first National Summit on Retirement Savings, \
held in Washington June 4\2265,)Tj
0.026 Tw 0 -1.5 TD
(1998. Convened jointly by President Bill Clinton and the bipartisan lead\
ership of Congress in accordance)Tj
0.021 Tw T*
(with the Savings Are Vital to Everyone\222s Retirement Act of 1997 \(SAV\
ER\) \(PL 105-92\), the Summit under-)Tj
0.001 Tc 0.029 Tw T*
(scored the need to fortify the American system of employer-sponsored pen\
sions, to extend pension coverage)Tj
0.034 Tw T*
(to underserved groups\227especially women, minorities and employees of s\
mall businesses\227and to encourage)Tj
0.025 Tw T*
(individuals to save more themselves.)Tj
0 Tc 0.023 Tw 0 -3 TD
(Virtually every institution and individual in America can contribute to \
achieving these goals. \223Each of us)Tj
0.026 Tw 0 -1.5 TD
(has a role to play in meeting this great challenge,\224 said Treasury Se\
cretary Robert Rubin. \223Government can)Tj
0.001 Tc T*
(take steps to encourage savings, as we are doing. Businesses can offer s\
ound retirement plans for their)Tj
0 Tc 0.022 Tw T*
(employees, and convey the importance of saving. And each of us as indivi\
duals can take steps to make the)Tj
0.001 Tc 0.014 Tw T*
(most of the opportunities that make it easier to save.\224)Tj
0 Tc 0.022 Tw 0 -3 TD
(This report details many possible steps toward achieving the goal of a f\
inancially secure retirement for all)Tj
0.001 Tc 0.024 Tw 0 -1.5 TD
(Americans. Not all of the delegates agreed on what steps to take. In fac\
t, many proposals were controver-)Tj
0.011 Tw T*
(sial. But of all the possibilities that were discussed, one theme stood \
out: We must do a better job of educat-)Tj
0 Tc 0.027 Tw T*
(ing the public\227employers and individuals alike\227about the importanc\
e of saving and about the tools)Tj
0.021 Tw T*
(available to ensure that we can afford to retire and remain financially \
independent. Too many individuals)Tj
0.029 Tw T*
(and employers are simply unaware of the basic facts of life concerning r\
etirement.)Tj
0.001 Tc 0.02 Tw 0 -3 TD
(To increase public awareness about the retirement savings issue, the fol\
lowing were among the ideas)Tj
0.002 Tc 0 -1.5 TD
(discussed:)Tj
0 Tc 0.041 Tw 0 -3 TD
[(\225)-1194(Enhancing the federal government\222s educational efforts through progra\
ms such as the Department of)]TJ
0.03 Tw 1.8 -1.5 Td
(Labor\222s Retirement Savings Education Campaign, which seeks to inform \
Americans about pension and)Tj
0.021 Tw 0 -1.5 TD
(retirement issues, and other initiatives called for by the SAVER Act;)Tj
0.04 Tw -1.8 -3 Td
[(\225)-1194(Encouraging states to launch their own retirement-savings initiatives;)]TJ
0.001 Tc 0.021 Tw 0 -3 TD
[(\225)-1193(Urging the media in all areas of the nation to assume a more active role\
in informing the public about)]TJ
0.07 Tw 1.8 -1.5 Td
(retirement savings;)Tj
0 Tc 0.03 Tw -1.8 -3 Td
[(\225)-1194(Calling on the private sector to support public-education campaigns, and\
;)]TJ
T*
[(\225)-1194(Urging employers to sponsor retirement plans and educate employees about\
the importance of retire-)]TJ
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(I. Introduction)Tj
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[(II. The Current State of Retirement Saving and Education Today)-10625(3)]TJ
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[(III. Models for Educating the Public about Retirement Saving)-12125(8)]TJ
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[(IV. Break-Out Facilitators Reports: Barriers and Opportunities)-10917(1)-13(3)]TJ
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[(Appendix 1: The Summit Agenda)-24749(3)-12(3)]TJ
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[(Appendix 2: List of Appointed and Statutory Delegates)-14792(3)-13(5)]TJ
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(September 3, 1998)Tj
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[(T)61(o)-22(:)-2250(President Clinton, the Speaker and Minority Leader of the U.S. House of \
Representatives, the Majority and)]TJ
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(Minority Leaders of the Senate, and Chief Executive Officers of the Stat\
es:)Tj
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(It is my pleasure to submit this report on the 1998 National Summit on R\
etirement Savings.)Tj
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[(The Summit, held June 4-5, 1998, in W)101(ashington, DC, brought together leaders from both political parties, lar\
)51(g)-5(e)]TJ
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[(corporations and small businesses, labor or)50(ganizations, and numerous groups involved with employee benefits,)]TJ
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[(personal finance and retirement issues. In accordance with the Savings A\
re V)51(ital to Everyone\222)51(s Retirement Act of)]TJ
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[(1997 \(P)101(.L. 105-92\), their mission was to determine how best to raise awareness\
of the need for pension and)]TJ
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(individual savings so that working Americans and their families may enjo\
y a secure and comfortable retirement.)Tj
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(The Summit was historic in many ways. First, it was a truly bi-partisan \
effort to draw national attention to the need)Tj
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[(to build a secure financial foundation for our country\222)51(s retirees. This was made abundantly clear during a keynote)]TJ
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[(session attended by President Clinton, V)51(ice President Gore, House Speaker Newt Gingrich, Senate Majority Leader)]TJ
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[(T)11(rent Lott, House Minority Leader Richard Gephardt and other Members of C\
ongress. As Rep. Harris Fawell \(R-)]TJ
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[(IL\), the principal author of the SA)100(VER Act, put it: \223W)100(e were attacking problems not as Republicans or Democrats,)]TJ
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(but to say \221What can I do to help?\224\222)Tj
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(Over the course of the Summit, delegates identified a number of barriers\
that individuals and employers face in)Tj
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(saving for retirement. At the same time, delegates identified numerous m\
eaningful steps that the government,)Tj
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[(employers, the media, community or)51(ganizations, schools, and others can and should take to build a secure r\
etirement)]TJ
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[(for our nation\222)51(s workers. As reflected in this report, while there was extraordinary di\
versity in views on both the)]TJ
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(barriers to retirement security and the ways to address the problem, del\
egates repeatedly returned to the theme that)Tj
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se savings.)Tj
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[(The gathering also represented a unique public-private sector partnershi\
p of leading or)51(ganizations with specialized)]TJ
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(expertise in retirement savings and a commitment to spreading an educati\
onal message about the need to prepare for)Tj
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(retirement. I believe that the success of the 1998 Summit was, in many w\
ays, attributable to the collective)Tj
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(experience of our many private sector partners. In this regard, I would \
like to specifically thank the American)Tj
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(Savings Education Council, the Employee Benefit Research Institute, and \
the American Society of Pension)Tj
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(Actuaries and for their outstanding efforts in making the 1998 Summit a \
success.)Tj
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(Through the hard work of all Summit delegates and organizers, we have do\
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(security to the forefront of the national agenda. Now the challenge for \
all of us is to spread the savings message, and)Tj
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ies, organizations, communities and)Tj
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(individuals to take immediate action. As President Clinton said at the S\
ummit, \223This is a wonderful moment, but it is)Tj
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[(a moment of responsibility that we dare not squander)50(.\224 As provided in the SA)150(VER Act, future Summits in 2001 and)]TJ
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[(2005 will measure our nation\222)51(s progress.)]TJ
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(My sincere hope is that this report will serve as a catalyst to increase\
pension and individual savings so that all)Tj
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[(working Americans and their families, regardless of age, nationality)50(, or income level, can look forward to a truly)]TJ
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(secure and dignified retirement.)Tj
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[(Sincerely)103(,)]TJ
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(Alexis M. Herman)Tj
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