Release Date: 07/18/2000 Release Number:
00-209 Contact Name: Gloria Della/Sharon Morrissey
Phone Number: 202.219.8921
Secretary of Labor Alexis M. Herman today
announced several initiatives to make it easier for employees of small
businesses, women and low wage earners to plan and save for retirement. The
intiatives were announced as part of the departments 5th Anniversary
Celebration of the Retirement Savings Education Campaign.
Joining the Secretary during the anniversary
celebration were Treasury Secretary Lawrence Summers, Aida Alvarez,
administrator of the Small Business Administration, representatives of
Congress, the Chamber of Commerce, Merrill Lynch, the American Savings
Education Council (ASEC), the Consumer Federation of America and Project Green
Purse. ASEC, a non-profit organization formed as an outgrowth of the Labor
Departments education campaign, also is celebrating its fifth
anniversary.
Deputy Secretary of Labor Edward Montgomery
presented the first Oseola McCarty Super
Saver Award to Earl Crawley of Baltimore, MD. The award was instituted by
the Retirement Savings Education Campaign to identify individuals who are an
inspiration to others to save for retirement. Mr. Crawley qualifies as a
super-saver since he amassed a small fortune in less than 20 years and now has
an impressive portfolio.
Secretary Herman, along with Retirement Savings
Education Campaign partners announced several new initiatives which promote the
new campaign slogan, Saving Matters! Today, over 40 million
workers are employed by small businesses but only eight millon of those workers
have a pension plan, Herman said, noting the emphasis on helping small
businesses establish retirement plans. The initiatives include:
-
A new set of tools and
materials have been developed to help small employers select
the right retirement plan for their employees, including a new
Web site, SelectARetirementPlan.org, created by DOL and
its partners, the Small Business Administration, the U.S.
Chamber of Commerce and Merrill Lynch.
-
National sponsorship of
“The Everywoman’s Money Conference,” a uniquely designed
day of education that makes learning about money, finances and
building a secure retirement more interesting and engaging
than ever before. Secretary Herman pointed out the motivation
for the conferences. “Women are less likely to work in
industries where employer-sponsored pension plans are
offered,” she said. “Just 39 percent of women working in
the private sector are covered by a pension plan.” She
discussed the response to the conferences which have been
conducted so far. “The feedback that we have gotten about
the quality and impact of these conferences from participants
around the country is tremendous. They walk away inspired to
take control of their financial destiny.”
-
The DOL and its new partner,
the Consumer Federation of America, will develop new tools and
strategies to educate low-income workers on how to build
wealth and take control of their financial futures. Secretary
Herman explained, “This partnership is critical to ensurinig
that everyone has an opportunity to have access to the
information and skills that lead to saving adequately for
retirement.”
Secretary Herman also announced the release of a
report which supports the need for such initiatives titled, Coverage Status of Workers
Under Employer Provided Pension Plans, which is available at the Web
site, www.dol.gov/dol/pwba. We have found
that while coverage has been edging up over the last five years, the coverage
for certain groups, including women, minorities, low wage workers and employees
of small businesses is still lagging, Herman said.
Information about the Retirement Savings Education Campaign and
its initiatives is available on the web site.
U.S. Department of
Labor news releases are accessible on the Internet. The information in this
news release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing your
request. Call 202.693.7773 or TTY 202.693.7775. |