National Saver Summit on Retirement Savings
The National Summit on Retirement Savings is a U.S. Department of Labor program with the goals of:
- Advancing the public's knowledge and understanding of retirement savings and its critical importance to the future well-being of workers and their families.
- Facilitating the development of a broad-based, public education program to encourage and enhance individual commitment to a personal retirement savings strategy.
- Developing recommendations for additional research, reforms and action in the field of private pensions and individual retirement savings.
The Summit is held on a quadrennial basis in Washington, D.C.
The first National Summit on Retirement Savings was held in 1998. Delegates focused on identifying barriers faced by individuals saving for retirement and by employers trying to help workers save. The importance of retirement savings education emerged as the central theme during that early Summit.
In 2002, the second National Summit focused on a generational approach to retirement savings education: targeting specific action plans to workers based on their age and life stage. Emerging themes included: the importance of investment education for all individuals regardless of their age; the need to simplify and encourage implementation of employment-based retirement plans, especially among small businesses; and the need for government agencies, business groups, unions and others to work together to develop effective action plans.
The 2006 National Summit, hosted by U.S. Secretary of Labor Elaine L. Chao, convened by President George W. Bush and co-hosted by leaders of the U.S. Congress, focussed on “Saving for Your Golden Years: Trends, Challenges and Opportunities.” Challenges of four distinct targeted groups were addressed: low income workers, small business employees, new entrants to the workforce, and workers nearing employment.