[Congressional Record Volume 143, Number 155 (Friday, November 7, 1997)]
[Senate]
[Page S12040]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           THE ``SAVER'' BILL

 Mr. GRASSLEY. Mr. President, I ask that a letter from the 
Society for Human Resource Management in support of the SAVER bill be 
printed in the Record.
  The letter follows:

                                                 Society for Human


                                          Resource Management,

                                 Alexandria, VA, November 6, 1997.
     U.S. Senate,
     Washington, DC.
       Dear Senator: On behalf of the Society for Human Resource 
     Management, SHRM, I am writing to enthusiastically endorse 
     the Savings Are Vital for Everyone's Retirement (SAVER) Act, 
     which recently passed the U.S. House of Representatives under 
     suspension of the rules. This bipartisan legislation may be 
     considered on the Senate floor very soon. SHRM is the leading 
     voice of the human resource profession, representing the 
     interests of more than 89,000 professional and student 
     members from around the world.
       Today most individuals are able to retire in a fashion that 
     meets their needs. On average, workers retire earlier and 
     live longer than in the past. However, a number of trends in 
     the economy and workplace suggest that it will become 
     increasingly difficult for American workers to meet their 
     needs for adequate retirement income. The U.S. population is 
     aging rapidly and the elderly live longer. The retirement of 
     the baby boom generation will impose severe pressure on 
     Social Security, Medicare and Medicaid. It is clear that a 
     coordinated strategy is needed.
       That is why this legislation is so critical. This 
     legislation directs the Department of Labor to maintain an 
     ongoing education and outreach program to the public to 
     educate America about the need to save more. The SAVER Act 
     also convenes a National Summit on Retirement Savings to be 
     held by April 15, 1998 and every four years thereafter. The 
     summit would bring together experts from the employee 
     benefits and retirement arena, and give lawmakers access to 
     the research and recommendations of experts so that America 
     can meet the challenges ahead. This bipartisan legislation 
     should be actively supported by all member of the Senate.
       Thank you for your consideration of this key legislation. 
     SHRM looks forward to working with the full Senate to see 
     this legislation passed in 1997.
           Sincerely,
                                                  Deanna R. Gelak,
     Director, Governmental Affairs.

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