Senate Resolution Encourages Saving for Retirement

By McCallen, Joan | Public Management, October 2006 | Go to article overview

Senate Resolution Encourages Saving for Retirement


McCallen, Joan, Public Management


For a great majority of Americans, traditional pensions and Social Security remain the bedrock of retirement income. Those plans do help provide workers a safety net in retirement, but they aren't enough.

Experts estimate that workers may need more than two-thirds of their current income to maintain their current standard of living in retirement. Increased life expectancy, rising health care costs, and fewer employers offering full retirement health care protection are just a few reasons why it's imperative that public employees set aside additional money for the future. Yet statistics show that only between 30 to 40 percent of public employees are taking advantage of additional opportunities to save through their deferred compensation and defined contribution plans.

JOINT CAMPAIGN

That's why ICMA-RC stands at the fore-front of National Save for Retirement Week, a joint public campaign effort of both ICMA-RC and the National Association of Government Defined Contribution Administrators (NAGDCA). The goal of the growing importance of their individual responsibility for retirement will likely come from traditional pension plans, Social Security, and other savings vehicles.

National Save for Retirement Week, slated for October 22-28 this year, received a strong endorsement from Congress when Sen. Gordon Smith (R-OR) and Sen. Kent Conrad (D-ND) introduced a resolution that calls for a natiowide focus on retirement saving and promotes the crucial role of employer-sponsored retirement plans.

ICMA-RC IN THE LEAD

ICMA-RC is taking a leadership role in this effort by spearheading a variety of promotional and educational initiatives that are intended to help public sector workers understand that their retirement security will ultimately be determined by their ability to save for the future.

To spread the word about this important issue, we are planning a briefing for local media. We've prepared extensive materials for plan sponsors, including ideas for activities to involve local government employees in Save for Retirement Week. We've also expanded our own offerings of educational materials to target the savings needs of different demographic groups such as young workers, mid-career savers, and women. …

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