On Retirement

National Save for Retirement Week Moves Forward in 2008

National Save for Retirement Week is a national campaign created to encourage American workers to build retirement security by taking advantage of their employer- sponsored retirement savings plans.

ICMA-RC has enthusiastically supported National Save for Retirement Week since its inception in 2006 and is pleased that the House of Representatives passed a resolution proclaiming October 19–25, 2008, as National Save for Retirement Week. A sister resolution is awaiting approval in the Senate.

Saving enough for retirement is a critical issue when you consider that, according to the Employee Benefit Research Institute (EBRI), half of all workers in the United States have set aside less than $25,000 in total savings and that the same is true for nearly as many workers aged 45 to 54. Coupled with longer life expectancies and rising health care costs, it’s a financial gap that can be closed only if Americans understand the importance of saving, beginning as soon as they start working.

ICMA-RC’s mission is building retirement security for public employees and National Save for Retirement Week is another opportunity for us to work with clients to achieve that mission. Each year, ICMA-RC provides plan sponsors with materials and assistance in planning events and activities during the week that aid them in reaching out to their employees about the importance of saving.

One of ICMA-RC’s clients, Monroe County, New York, received honorable mention in the 2008 PLANSPONSOR Plan Sponsor of the Year Awards for its involvement in National Save for Retirement Week in 2007. The county held two “Save for Your Future” lunchand- learn series that included workshops on financial planning, investing basics, and the county’s deferred compensation plan. Monroe County employees also participated in question-and-answer sessions and retirement trivia challenges.

As a result of its National Save for Retirement Week campaign, several Monroe County employees enrolled in the county’s plan for the first time. Many more increased deferrals, updated their beneficiaries, and rebalanced or reallocated their existing fund lineup.

Like Monroe County, scores of other public employers across the country also use National Save for Retirement Week to show their employees the importance of saving. Many local governments issue proclamations for the week. Several others host interactive and educational learning events.

Last year, an employer in St. Louis, Missouri, gave bonuses to any employee enrolling during National Save for Retirement Week, and in Pennsylvania, the office of Governor Edward G. Rendell e-mailed all employees a message announcing the week.

To learn more about how you can get involved, visit the Web site at www.retirementweek.org. This site contains useful tools for both plan sponsors and participants. There you’ll find a weekly calendar of events, a sample resolution, retirement planning calculators, quizzes, and more.

National Save for Retirement Week is a key event for employers to use to inspire their employees to save more for retirement. It opens a channel of communication between savers and non-savers, and it offers an opportunity for encouragement, assistance, and information sharing for building retirement security.

—Joan McCallen
President and CEO
ICMA Retirement Corporation
Washington, D.C.
www.icmarc.org

This article is intended for educational purposes only and is not to be construed or relied upon as investment advice. The ICMA Retirement Corporation does not offer specific tax or legal advice and shall not have any liability for any consequences that arise from reliance on this material. It is recommended that you consult with your personal financial adviser prior to implementing any new tax or retirement strategy. Vantagepoint securities are sold by prospectus only, and the prospectus should be consulted before investing any money. Vantagepoint securities are distributed by ICMA RC Services, LLC, a broker dealer affiliate of ICMA-RC, member NASD/SIPC. ICMA Retirement Corporation, 777 North Capitol Street, N.E., Washington, D.C. 20002-4240; 1-800/669-7400; www.icmarc.org. AC: 0508-2156.

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