The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“THE ``SAVER'' BILL” mentioning the U.S. Dept of Labor was published in the Senate section on pages S11859-S11860 on Nov. 6, 1997.
The publication is reproduced in full below:
THE ``SAVER'' BILL
Mr. BREAUX. Mr. President, as an original cosponsor along with Senator Grassley, I am pleased to strongly support the SAVER bill, Savings Are Vital to Everyone's Retirement Act of 1997. This measure is a bi-partisan effort on the part of my colleague, Senator Grassley, and I to help ensure that all Americans are adequately prepared for retirement. As the ranking member of the Special Committee on Aging, I have learned that there is a critical need to educate Americans on the need to save for their retirement. Mr. President, only one-half of all American workers have pensions. A mere one-third of Americans have ever tried to calculate how much money they need for retirement. And less than one-fifth of the workforce is confident that they have saved enough to live comfortably after they retire. Having become aware of this, Senator Grassley and I have introduced a piece of legislation that takes the first step in educating the public about the need to plan ahead.
Mr. President, as my colleague has just told you, our legislation will create an education project to raise public awareness about personal savings. It directs the U.S. Department of Labor to maintain an ongoing program of education and outreach to the public. The program includes public service announcements, public meetings and the distribution of educational materials. It sets up an Internet site dedicated to promoting individual retirement savings. Americans will be able to log on to the site and complete a worksheet to calculate how much they need to save to adequately supplement their projected Social Security benefits when they retire.
The SAVER bill also directs the Department of Labor to provide information to small businesses on how they can set up pension programs for their employees. The proposed information includes a plain English description of the common types of retirement savings arrangements available to individuals and employers; a way to calculate estimated retirement savings; and an explanation of how to establish different savings arrangements for workers.
Finally, SAVER calls for a national summit on retirement savings to bring the urgency of our Nation's extremely low saving rate to the top of the public agenda. The event would serve as a catalyst for future policy discussion on how to best increase personal retirement savings as well as accessibility and participation in pension plans. The summit will represent the kind of public-private cooperation that is so crucial to preserving successful retirement programs for future generations of Americans. The Department of Labor will work closely with the American Savings Education Council [ASEC] to bring together delegates from all over the country to develop a broad-based public education program on retirement savings. As Senator Grassley correctly pointed out, ASEC is an organization uniquely equipped to assist us in our efforts. Their input in both the logistical and conceptual organization of this event will help us create a top-notch program. At the summit, participants will identify barriers that prevent many Americans from setting aside enough money for their retirement and barriers that discourage employers--especially small business--from helping their employees accumulate more savings for their retirement.
Mr. President, as we move forward with reforming Social Security and Medicare, we must also provide more Americans with the incentives they need to better prepare for their retirement. Our SAVER bill not only gives Americans the tools they need to determine how much personal savings they need to supplement their Social Security benefits, it also raises awareness of the responsibility individuals have for planning for their future.
Mr. President, I believe that the SAVER bill is the first step that this Congress must take in assisting all Americans in their quest for a comfortable, happy retirement. I urge my colleagues to join us in supporting this measure.
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