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EBSA News Release: [06/30/2004]
Contact Name: Gloria Della
Phone Number: (202) 693-8666

U. S. Labor Department Continues National Education Campaign to “Build Wealth at Work”

“Workers Should Commit to Financial Independence for Secure Retirement”

WASHINGTON—U.S. Secretary of Labor Elaine L. Chao today unveiled a series of print public service announcements that encourage workers young and old to make a commitment to save more by participating in retirement plans at work. As part of its Retirement Savings Education Campaign, the Labor Department partnered with the Consumer Federation of America to develop the advertisements.

“Retirement security can be a part of every person’s future,” Secretary Chao said. “This Independence Day, the Labor Department wants to remind you that July 4 is also a time to do a check up on your financial independence for retirement.”

“Build Wealth at Work” is a national campaign designed to remind workers that Independence Day also symbolizes financial independence for retirement. The print announcements are an outgrowth of the 2002 National Summit on Retirement Savings targeting retirement-saving messages for four distinct generations: the Millennial Generation, Generation X, Baby Boom Generation, and the Silent Generation.

The messages are tailored to each generation and convey the importance of saving through workplace retirement plans for a lifetime of prosperity and security. The advertisements encourage workers age 50 and older to save more as retirement nears. Other ads highlight ways young workers can achieve secure retirements by saving over their working life and participating in plans that offer matching employer contributions.

In addition to the print announcements, the department will release a series of radio actualities featuring Secretary Chao that promote retirement savings. The radio actualities are available at http://www.dol.gov/opa/media/audio/. Copies of the print ads are available in English and Spanish on the department's Web site at www.dol.gov/ebsa.

Consumers are encouraged to take action, including contacting the department for educational material such as “Savings Fitness: A Guide Your Money and Your Financial Future,” which was developed in cooperation with the Certified Financial Planner Board of Standards. In addition, consumers can sign up to become an American Saver under the Federation's America Saves at Work program at www.americasaves.org.

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