[Congressional Record Volume 143, Number 154 (Thursday, November 6, 1997)]
[Senate]
[Pages S11859-S11860]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           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

[[Page S11860]]

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.

                          ____________________