Helping Small Business Employees Save for Retirement

Dateline: 08/08/00

Employees of small businesses, women and low wage earners will get help in planning and saving for retirement under several new U.S. government initiatives recently announced by Secretary of Labor Alexis M. Herman.

Secretary Herman, along with Retirement Savings Education Campaign partners announced several new initiatives in July which promote the new campaign slogan, "Saving Matters!" Over 40 million workers are currently employed by small businesses but only eight million 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 the Department of Labor 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," stated Secretary Herman.
  
  
• 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 ensuring 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, posted on the Pension and Welfare Benefits Administration Web site.

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