EBSA Press Release: Labor Secretary Herman Says First Saver Summit is a Step to Securing the Future of America's Workers [06/04/1998]

Archived News Release — Caution: Information may be out of date.

For more information call: 202/219-8921

Washington, D.C. - In an effort to educate Americans about the importance of saving for retirement, Secretary of Labor Alexis M. Herman will join President Clinton and members of Congress for the first National Summit on Retirement Savings. It will be held at the Hyatt Regency Capitol Hill in Washington, D.C. today and Friday, June 5.

The Summit was established by the Savings Are Vital to Everyone's Retirement Act, which the President signed into law last year. Two other summits will be held in 2001 and 2005.

"Our message is simple," said Secretary Herman. "It is never too early and it's never too late to start saving, and every penny counts. The statistics are sobering, one out of five Americans save nothing for retirement. One out of two Americans has no pension coverage at work and one out of three workers who are offered 401(k) plans don't participate. We want to turn those statistics around so every American worker can look forward to a secure retirement."

Over two hundred participants representing a cross-section of organizations involved in employee benefits and retirement education will attend this year's meeting. They will examine the state of retirement savings and how to best educate Americans about the need to create a secure financial future. At the Summit's conclusion, delegates will be challenged to spread the word about the importance of retirement saving through their organizations, companies and communities.

"This should be a wake-up call," Herman said. "When it comes to saving, a lot of us may want to hit the snooze button. But if you snooze--you lose."

Since 1995, the Department of Labor has conducted an intense public education campaign, an effort aimed at ensuring Americans understand the importance of planning for retirement and have access to tools that will help them do it. The campaign targets women and minorities both of whom have low pension coverage rates and small businesses, of which, only one million out of a total of five million offer some form of pension plan to their employees.

"The SAVER Summit builds on the department's efforts and represents an historic opportunity for us to spread the retirement savings message to every American--regardless of age, nationality, income level, or current knowledge of savings and investing strategies," said Herman."

For more information on the Saver Summit visit the website at www.saversummit.org.

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