U.S. Labor Secretary Challenges 2006 SAVER Summit Delegates to Develop Strategies for Enhancing Retirement Security

WASHINGTON — Secretary of Labor Elaine L. Chao addressed a crowd of delegates representing the retirement savings and financial communities today to kick off the 2006 National Summit on Retirement Savings.

“The first Baby Boomers are turning 60 this year and that ought to cause several grey hairs among those concerned about retirement security in the decades to come,” Secretary of Labor Elaine L. Chao told the SAVER Summit delegates assembled in Washington, D.C. “Saving for a comfortable retirement takes time, dedication and careful planning and our mission at the SAVER Summit is to advance strategies that will prepare individuals for a secure and fulfilling retirement.”

“You are here to address the obstacles to savings faced by four key groups — new labor market entrants, low-income wage earners, small business employers and their employees, and workers nearing retirement,” Chao said. “Each of these groups faces its own special challenges.”

Chao outlined President George W. Bush’s agenda on pension reform and discussed the Administration’s commitment to work with Congress to pass pension reform legislation that strengthens the funding of pension plans, provides transparency of information for workers, and stabilizes the federal pension insurance system. Secretary Chao also stressed the importance of access to professional investment advice to improve the choice, control and confidence workers have in their retirement saving plans.

Summit delegates will explore the challenges to saving for retirement faced by low income workers, small business employees, new entrants to the workforce and workers nearing retirement, and will brainstorm solutions targeted at these groups.

Vice President Richard B. Cheney will join Secretary Chao in speaking at this year’s summit. Other featured speakers include Ben Stein, renowned actor, economist, and financial expert; the Honorable Donald L. Evans, chief executive officer of The Financial Services Forum and former Secretary of Commerce; U.S. Senator Charles Grassley; U.S. Senator Gordon Smith, and U.S. Representative Michael Oxley.

For more information about the summit, visit the Labor Department’s Web site at www.saversummit.dol.gov.