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EBSA News Release: [09/20/2006]
Contact Name: Peter Hong or Gloria Della
Phone Number: (202) 693-4676 or x8664
Release Number: 06-1491-NAT

U.S. Labor Secretary Elaine L. Chao Releases 2006 National Saver Summit Report

WASHINGTON — The U.S. Department of Labor released the final report of the 2006 National Summit on Retirement Savings. The report, entitled Saving for Your Golden Years: Trends, Challenges and Opportunities, represents the work of 200 summit delegates appointed by the president and congressional leaders.

"The 2006 Saver Summit coincided with the leading edge of the baby boom generation turning 60, increased national interest in retirement security and the advancement of important pension protection legislation which President Bush signed into law last month," said U.S. Secretary of Labor Elaine L. Chao. "This report is a useful tool for policymakers who are looking for ways to assist Americans in saving enough for a financially secure retirement."

The summit report identifies barriers to retirement savings confronting low-income workers, small business employees, new entrants to the workforce and individuals nearing retirement. The summit delegates worked on action plans for target populations to raise awareness about retirement planning and offer new programs, policies and ideas to help them adequately save for retirement.

Secretary Chao invited participants to keep the work of the Summit on Retirement Savings moving forward and to use the report as a tool to help them create more public awareness about retirement savings.

The 2006 summit was co-hosted by Vice President Cheney, congressional leaders and Secretary Chao. Pursuant to the SAVER Act, the summit took place March 1 and 2, 2006, in Washington, D.C. Delegates comprised a nonpartisan group representing a diversity of experience in the employee benefits, financial, employer, general public and congressional communities.

The full report, Saving for Your Golden Years: Trends, Challenges and Opportunities, is available on the department's Web site at http://www.dol.gov/ebsa/pdf/2006SummitFinalReport.pdf or by calling the toll-free number (866) 444-3272.