[House Report 105-104]
[From the U.S. Government Publishing Office]



105th Congress                                                   Report
                        HOUSE OF REPRESENTATIVES

 1st Session                                                    105-104
_______________________________________________________________________


 
         SAVINGS ARE VITAL TO EVERYONE'S RETIREMENT ACT OF 1997

                                _______
                                

  May 20, 1997.--Committed to the Committee of the Whole House on the 
              State of the Union and ordered to be printed

_______________________________________________________________________


   Mr. Goodling, from the Committee on Education and the Workforce, 
                        submitted the following

                              R E P O R T

                             together with

                            ADDITIONAL VIEWS

                        [To accompany H.R. 1377]

      [Including cost estimate of the Congressional Budget Office]

  The Committee on Education and the Workforce, to whom was 
referred the bill (H.R. 1377) to amend title I of the Employee 
Retirement Income Security Act of 1974 to encourage retirement 
income savings, having considered the same, report favorably 
thereon with an amendment and recommend that the bill as 
amended do pass.
  The amendment is as follows:
  Strike out all after the enacting clause and insert in lieu 
thereof the following:

SECTION 1. SHORT TITLE.

  This Act may be cited as the ``Savings Are Vital to Everyone's 
Retirement Act of 1997''.

SEC. 2. FINDINGS AND PURPOSE.

  (a) Findings.--The Congress finds as follows:
          (1) The impending retirement of the baby boom generation will 
        severely strain our already overburdened entitlement system, 
        necessitating increased reliance on pension and other personal 
        savings.
          (2) Studies have found that less than a third of Americans 
        have even tried to calculate how much they will need to have 
        saved by retirement, and that less than 20 percent are very 
        confident they will have enough money to live comfortably 
        throughout their retirement.
          (3) A leading obstacle to expanding retirement savings is the 
        simple fact that far too many Americans--particularly the 
        young--are either unaware of, or without the knowledge and 
        resources necessary to take advantage of, the extensive 
        benefits offered by our retirement savings system.
  (b) Purpose.--It is the purpose of this Act--
          (1) to advance the public's knowledge and understanding of 
        retirement savings and its critical importance to the future 
        well-being of American workers and their families;
          (2) to provide for a periodic, bipartisan national retirement 
        savings summit in conjunction with the White House to elevate 
        the issue of savings to national prominence; and
          (3) to initiate the development of a broad-based, public 
        education program to encourage and enhance individual 
        commitment to a personal retirement savings strategy.

SEC. 3. OUTREACH BY THE DEPARTMENT OF LABOR.

  (a) In General.--Part 5 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1131 et seq.) is 
amended by adding at the end the following new section:
            ``outreach to promote retirement income savings
  ``Sec. 516. (a) In General.--The Secretary shall maintain an ongoing 
program of outreach to the public designed to effectively promote 
retirement income savings by the public.
  ``(b) Methods.--The Secretary shall carry out the requirements of 
subsection (a) by means which shall ensure effective communication to 
the public, including publication of public service announcements, 
public meetings, creation of educational materials, and establishment 
of a site on the Internet.
  ``(c) Information To Be Disseminated.--The information to be 
disseminated by the Secretary as part of the program of outreach 
required under subsection (a) shall include the following:
          ``(1) a description of the vehicles currently available to 
        individuals and employers for creating and maintaining 
        retirement income savings, specifically including information 
        explaining to employers, in simple terms, how to establish each 
        of the different retirement savings vehicles for their workers, 
        and
          ``(2) information regarding matters relevant to establishing 
        retirement income savings, such as--
                  ``(A) the forms of retirement income savings,
                  ``(B) the concept of compound interest,
                  ``(C) the importance of commencing savings early in 
                life,
                  ``(D) savings principles,
                  ``(E) the importance of prudence and diversification 
                in investing,
                  ``(F) the importance of the timing of investments, 
                and
                  ``(G) the impact on retirement savings of life's 
                uncertainties, such as living beyond one's life 
                expectancy.
  ``(d) Establishment of Site on the Internet.--The Secretary shall 
establish a permanent site on the Internet concerning retirement income 
savings. The site shall contain at least the following information:
          ``(1) a means for individuals to calculate their estimated 
        retirement savings needs, based on their retirement income goal 
        as a percentage of their preretirement income;
          ``(2) a description in simple terms of the common types of 
        retirement income savings arrangements available to both 
        individuals and employers (specifically including small 
        employers), including information on the amount of money that 
        can be placed into a given vehicle, the tax treatment of the 
        money, the amount of accumulation possible through different 
        typical investment options and interest rate projections, and a 
        directory of resources of more descriptive information;
          ``(3) materials explaining to employers in simple terms how 
        to establish and maintain different retirement savings 
        arrangements for their workers and what the basic legal 
        requirements are under this Act and the Internal Revenue Code 
        of 1986;
          ``(4) copies of all educational materials developed by the 
        Department of Labor, and by other Federal agencies in 
        consultation with such Department, to promote retirement income 
        savings by workers and employers; and
          ``(5) links to other sites maintained on the Internet by 
        governmental agencies and nonprofit organizations that provide 
        additional detail on retirement income savings arrangements and 
        related topics on savings or investing.
  ``(e) Coordination.--The Secretary shall coordinate the outreach 
program under this section with similar efforts undertaken by other 
public and private entities.''.
  (b) Conforming Amendment.--The table of contents in section 1 of such 
Act is amended by inserting after the item relating to section 514 the 
following new items:

``Sec. 515. Delinquent contributions.
``Sec. 516. Outreach to promote retirement income savings.''.

SEC. 4. NATIONAL SUMMIT ON RETIREMENT SAVINGS.

  (a) In General.--Part 5 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 (as amended by section 3 of this 
Act) is amended further by adding at the end the following new section:
                ``national summit on retirement savings
  ``Sec. 517. (a) Authority To Call Summit.--Not later than June 1, 
1998, the President shall convene a National Summit on Retirement 
Income Savings at the White House, to be co-hosted by the President and 
the Speaker and the Minority Leader of the House of Representatives and 
the Majority Leader and Minority Leader of the Senate. Such a National 
Summit shall be convened thereafter in 2001 and 2005 on or after 
September 1 of each year involved. Such a National Summit shall--
          ``(1) advance the public's knowledge and understanding of 
        retirement savings and its critical importance to the future 
        well-being of American workers and their families;
          ``(2) facilitate the development of a broad-based, public 
        education program to encourage and enhance individual 
        commitment to a personal retirement savings strategy;
          ``(3) develop recommendations for additional research, 
        reforms in public policy, and actions in the field of 
        retirement income savings; and
          ``(4) disseminate the report of, and information obtained by, 
        the National Summit and exhibit materials and works of the 
        National Summit.
  ``(b) Planning and Direction.--The National Summit shall be planned 
and conducted under the direction of the Secretary, in consultation 
with, and with the assistance of, the heads of such other Federal 
departments and agencies as the President may designate. Such 
assistance may include the assignment of personnel. The Secretary 
shall, in planning and conducting the National Summit, consult with the 
congressional leaders specified in subsection (e)(2). The Secretary 
shall also, in carrying out the Secretary's duties under this 
subsection, consult and coordinate with at least one organization made 
up of private sector businesses and associations partnered with 
Government entities to promote long-term financial security in 
retirement through savings (including for 1998, and thereafter as the 
Secretary may deem appropriate, the American Savings Education 
Council).
  ``(c) Purpose of National Summit.--The purpose of the National Summit 
shall be--
          ``(1) to increase the public awareness of the value of 
        personal savings for retirement;
          ``(2) to advance the public's knowledge and understanding of 
        retirement savings and its critical importance to the future 
        well-being of American workers and their families;
          ``(3) to facilitate the development of a broad-based, public 
        education program to encourage and enhance individual 
        commitment to a personal retirement savings strategy;
          ``(4) to identify the problems which hinder workers from 
        setting aside adequate savings for retirement;
          ``(5) to identify the barriers which impede employers, 
        especially small employers, from assisting workers in 
        accumulating retirement savings;
          ``(6) to examine the impact and effectiveness of individual 
        employers to promote personal savings for retirement among 
        their workers and to promote participation in company savings 
        options;
          ``(7) to examine the impact and effectiveness of government 
        programs at the Federal, State, and local levels to promote 
        retirement income savings;
          ``(8) to develop such specific and comprehensive 
        recommendations for the legislative and executive branches of 
        the Government and for private sector action as may be 
        appropriate for promoting retirement income savings among 
        American workers; and
          ``(9) to develop recommendations for the coordination of 
        Federal, State, and local policies among the Federal, State, 
        and local levels of government and for the coordination of such 
        policies (including any solutions for Federal, State, and local 
        needs devised at the Federal, State, and local levels) with the 
        efforts of the private sector to meet such needs, and to 
        identify the appropriate authority and entities to implement 
        such recommendations.
  ``(d) Scope of National Summit.--The scope of the National Summit 
shall consist of issues relating to individual and employer-based 
retirement savings and shall not include issues relating to the old-
age, survivors, and disability insurance program under title II of the 
Social Security Act.
  ``(e) National Summit Participants.--
          ``(1) In general.--To carry out the purposes of the National 
        Summit, the National Summit shall bring together--
                  ``(A) professionals and other individuals working in 
                the fields of employee benefits and retirement savings;
                  ``(B) Members of Congress and officials in the 
                executive branch;
                  ``(C) representatives of State and local governments;
                  ``(D) representatives of private sector institutions, 
                including individual employers, concerned about 
                promoting the issue of retirement savings and 
                facilitating savings among American workers; and
                  ``(E) representatives of the general public.
          ``(2) Statutorily required participation.--The participants 
        in the National Summit shall include the following individuals 
        or their designees:
                  ``(A) the Speaker and the Minority Leader of the 
                House of Representatives;
                  ``(B) the Majority Leader and the Minority Leader of 
                the Senate;
                  ``(C) the Chairman and ranking Member of the 
                Committee on Education and the Workforce of the House 
                of Representatives;
                  ``(D) the Chairman and ranking Member of the 
                Committee on Labor and Human Resources of the Senate;
                  ``(E) the Chairman and ranking Member of the Special 
                Committee on Aging of the Senate; and
                  ``(F) the parties referred to in subsection (b).
          ``(3) Additional participants.--There shall be not more than 
        400 additional participants. Of such additional participants--
                  ``(A) one-fourth shall be appointed by the Speaker of 
                the House of Representatives;
                  ``(B) one-fourth shall be appointed by the Minority 
                Leader of the House of Representatives;
                  ``(C) one-fourth shall be appointed by the Majority 
                Leader of the Senate; and
                  ``(D) one-fourth shall be appointed by the Minority 
                Leader of the Senate.
        Such remaining participants shall be selected without regard to 
        political affiliation or past partisan activity and shall be 
        representative of the diversity of thought in the fields of 
        employee benefits and retirement income savings.
          ``(4) Presiding officers.--The National Summit shall be 
        presided over equally by representatives of the executive and 
        legislative branches.
  ``(f) National Summit Administration.--
          ``(1) Administration.--In administering this section, the 
        Secretary shall--
                  ``(A) request the cooperation and assistance of such 
                other Federal departments and agencies and other 
                parties referred to in subsection (b) as may be 
                appropriate in the carrying out of this section;
                  ``(B) furnish all reasonable assistance, including 
                financial assistance, to State agencies, area agencies, 
                and other appropriate organizations to enable them to 
                organize and conduct conferences in conjunction with 
                the National Summit;
                  ``(C) make available for public comment a proposed 
                agenda for the National Summit that reflects to the 
                greatest extent possible the purposes for the National 
                Summit set out in this section;
                  ``(D) prepare and make available background materials 
                for the use of participants in the National Summit that 
                the Secretary considers necessary; and
                  ``(E) appoint and fix the pay of such additional 
                personnel as may be necessary to carry out the 
                provisions of this section without regard to provisions 
                of title 5, United States Code, governing appointments 
                in the competitive service, and without regard to 
                chapter 51 and subchapter III of chapter 53 of such 
                title relating to classification and General Schedule 
                pay rates.
          ``(2) Duties.--The Secretary shall, in carrying out the 
        responsibilities and functions of the Secretary under this 
        section, and as part of the National Summit, ensure that--
                  ``(A) the National Summit shall be conducted in a 
                manner that ensures broad participation of Federal, 
                State, and local agencies and private organizations, 
                professionals, and others involved in retirement income 
                savings and provides a strong basis for assistance to 
                be provided under paragraph (1)(B);
                  ``(B) the agenda prepared under paragraph (1)(C) for 
                the National Summit is published in the Federal 
                Register; and
                  ``(C) the personnel appointed under paragraph (1)(E) 
                shall be fairly balanced in terms of points of views 
                represented and shall be appointed without regard to 
                political affiliation or previous partisan activities.
  ``(g) Report.--The Secretary shall prepare a report describing the 
activities of the National Summit and shall submit the report to the 
President, the Speaker and Minority Leader of the House of 
Representatives, the Majority and Minority Leaders of the Senate, and 
the chief executive officers of the States not later than 90 days after 
the date on which the National Summit is adjourned.
  ``(h) Definition.--For purposes of this section, the term `State' 
means a State, the District of Columbia, the Commonwealth of Puerto 
Rico, the Commonwealth of the Northern Mariana Islands, Guam, the 
Virgin Islands, American Samoa, and any other territory or possession 
of the United States.
  ``(i) Authorization of Appropriations.--
          ``(1) In general.--There is authorized to be appropriated for 
        fiscal years beginning on or after October 1, 1997, such sums 
        as are necessary to carry out this section.
          ``(2) Reliance on private contributions.--The Secretary may 
        accept private contributions, in the form of money, supplies, 
        or services, to defray the costs of the National Summit. The 
        Secretary shall ensure, to the extent practicable, that at 
        least one-half of the funds available to the Secretary for each 
        fiscal year to carry out the provisions of this section consist 
        of such private contributions.
  ``(j) Contracts.--The Secretary may enter into contracts to carry out 
the Secretary's responsibilities under this section, but only to the 
extent, or in such amounts, as are provided in advance in 
appropriations Acts.''.
  (b) Conforming Amendment.--The table of contents in section 1 of such 
Act (as amended by section 3 of this Act) is amended further by 
inserting after the item relating to section 516 the following new 
item:

``Sec. 517. National Summit on Retirement Savings.''.

  (c) Authorization of Appropriations for Fiscal Year 1998.--
Notwithstanding subsection (i) of section 517 of the Employee 
Retirement Income Security Act of 1974 (added by this section), the 
amount authorized to be appropriated for fiscal year 1998 to carry out 
such section is an amount equal to $1,000,000.

                       Explanation of Amendments

    The provisions of the substitute are explained in this 
report.

  AMENDING TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT TO 
 ENCOURAGE RETIREMENT INCOME SAVINGS THROUGH AN EDUCATIONAL INITIATIVE 
                    AND CONVENING A NATIONAL SUMMIT

                                Purpose

    The purpose of H.R. 1377 is to help defuse the ticking 
demographic time bomb that confronts America. The Savings Are 
Vital to Everyone's Retirement (SAVER) Act initiates projects 
to educate American workers about retirement savings and 
creates a National Summit on Retirement Savings.

                            Committee Action

    H.R. 1377 was introduced by Representative Harris Fawell, 
Chairman of the Subcommittee on Employer-Employee Relations, on 
April 17, 1997. There were 25 bipartisan original cosponsors, 
including Subcommittee Ranking Member Donald Payne. The 
Subcommittee on Employer-Employee Relations held a hearing on 
the issue of retirement savings on February 12, 1997 (Hearing 
No. 105-5). At the hearing, entitled ``Defusing the Retirement 
Time Bomb: Encouraging Pension Savings,'' testimony was 
received from: Sylvester J. Schieber, Vice President of Watson 
Wyatt Worldwide (a human resources consulting firm), and a 
member of the Social Security Advisory Council; Donald 
Sauvigne, Program Director, Retirement and Capital Accumulation 
Programs at IBM, appearing on behalf of the American Savings 
Education Council (ASEC) (an organization made up of private-
sector businesses and associations partnered with government 
entities to promote long-term financial security in retirement 
through savings); Richard D. Pearce, Vice President, John J. 
Pearce & Company, Wilmington, DE, and President of the American 
Society of Pension Actuaries (ASPA), appearing on behalf of 
ASPA; Bruce Young, President, Stainless Metal Products, 
Chattanooga, TN, appearing on behalf of the National 
Association of Manufacturers (NAM); David Certner, Senior 
Coordinator, Federal Affairs, American Association of Retired 
Persons (AARP); and Professor Teresa Ghilarducci, Professor of 
Economics at the University of Notre Dame.
    On May 14, 1997, the Committee on Education and the 
Workforce approved H.R. 1377, as amended, by a voice vote, a 
quorum being present, and by voice vote ordered the bill 
favorably reported.

                     Committee Statement and Views

             Background: The Problem of Retirement Savings

    America faces a ticking demographic time bomb that requires 
increased retirement savings. As the first step in defusing the 
retirement time bomb, Congressmen Harris Fawell and Donald 
Payne, the Chairman and Ranking Member of the Subcommittee on 
Employer-Employee Relations, introduced the Savings Are Vital 
to Everyone's Retirement (SAVER) Act. The SAVER Act initiates 
projects to educate American workers about retirement savings 
and convenes a National Summit on Retirement Savings.
    The SAVER Act will facilitate a public-private partnership 
to educate Americans on this looming crisis. Workers need to 
know the importance of saving for the future, and of saving as 
early in life as possible. As a survey released this year by 
the Employee Benefit Research Institute (EBRI) reveals, there 
is much work to do. Less than a third of Americans have even 
tried to calculate how much they need to have saved by 
retirement. Furthermore, less than twenty percent are very 
confident they will have enough money to live comfortably 
throughout their retirement. The magnitude of the dilemma will 
only increase as the baby boomers reach retirement age.
    Retired Americans today also have misjudged their 
retirement savings needs: in the EBRI survey, 22% of retirees 
indicated that their lifestyle now is worse than when they 
first retired, and 21% expected it to continue to deteriorate. 
According to the Department of Labor (DOL), the average worker 
will need about 70% of his or her preretirement income to 
maintain his or her standard of living after retirement. 
However, Social Security pays the average retiree only about 
40% of preretirement earnings (and for a worker earning 
$60,000, that figure is only 27%).
    Moreover, workers do not take advantage of the retirement 
savings opportunities currently available: the DOL estimates 
that 33% of those eligible to participate in a 401(k) plan 
declined to do so. Furthermore, 79% of those who did 
participate failed to roll over all of their account into 
either a new plan or an Individual Retirement Account (IRA) 
when they changed jobs (thus not only depleting their 
retirement savings but also incurring a significant tax 
penalty).
    A leading obstacle to expanding retirement savings is the 
simple fact that far too few Americans have either the 
knowledge or the resources necessary to take advantage of the 
extensive benefits offered by our retirement savings system. 
The SAVER Act attempts to address this serious and 
underreported national problem.

   Helping Defuse the Retirement Time Bomb: The Savings Are Vital to 
                   Everyone's Retirement (SAVER) Act

    The SAVER Act has three goals: (1) to advance the public's 
knowledge and understanding of retirement savings and its 
critical importance to the future well-being of American 
workers and their families; (2) to provide for a periodic, 
bipartisan national retirement savings summit to elevate the 
issue of savings to national prominence; and (3) to initiate 
the development of a broad-based, public education program to 
encourage and enhance individual commitment to a personal 
retirement savings strategy.
    The SAVER Act directs the Department of Labor (DOL) to 
maintain an ongoing program of education and outreach to the 
public through: (1) public service announcements, (2) public 
meetings, (3) creation of educational materials, and (4) 
establishment of a site on the Internet. The information to be 
disseminated will include: a description in simple terms of the 
common types of retirement savings arrangements available to 
both individuals and employers, a means for individuals to 
calculate their estimated retirement savings needs, and an 
explanation for employers, in simple terms, of how to establish 
and maintain different retirement savings arrangements for 
their workers.
    The SAVER Act also convenes a National Summit on Retirement 
Savings at the White House, co-hosted by the executive and 
legislative branches, to be held by June 1, 1998 and again in 
2001 and 2005. The National Summit would:
          (1) advance the public's knowledge and understanding 
        of retirement savings and facilitate the development of 
        a broad-based, public education program;
          (2) identify the barriers which hinder workers from 
        setting aside adequate savings for retirement and 
        impede employers, especially small employers, from 
        assisting their workers in accumulating retirement 
        savings; and
          (3) develop specific recommendations for legislative, 
        executive, and private sector actions to promote 
        retirement income savings among American workers.
    The National Summit would bring together experts in the 
fields of employee benefits and retirement savings, key leaders 
of government, and interested parties from the private sector 
and general public. The delegates would be selected equally by 
the majority and minority leaders of the two houses of Congress 
and would represent the diversity of thought in the field 
without regard to their political affiliation. The National 
Summit would receive substantial funding from private sector 
contributions.
    The current lack of adequate retirement savings will only 
become a more pressing problem as the baby boomers begin to 
retire. Future retiring Americans will have to rely less on 
Social Security and more on pensions and other personal 
savings. But we have known of this problem for a long time. 
Sixteen years ago, President Carter's Commission on 
PensionPolicy reported that a ``serious crisis'' existed in our 
retirement income programs, and that baby boomers will place ``severe 
strains'' on an ``already overburdened system.'' It is sixteen years 
later and the problems have only gotten bigger as they have come 
closer. The American people can afford to wait no longer. The SAVER Act 
is intended to be a first step in a bipartisan effort to reverse the 
long course of neglect of this vital issue, and help American workers 
better prepare for a comfortable and secure retirement.

                                Summary

    H.R. 1377, as amended, initiates projects to educate 
American workers about retirement savings and creates a 
National Summit on Retirement Savings.

          Section-By-Section Analysis of H.R. 1377, as Amended

                         Section 1. Short Title

    The short title of the bill is the ``Savings Are Vital to 
Everyone's Retirement Act of 1997.''

                    Section 2. Findings and Purpose

    The bill makes findings regarding the severe strain that 
the impending retirement of the baby boom generation will place 
on our already overburdened entitlement system; the failure of 
Americans to even try to calculate their retirement needs; and 
the lack of knowledge and resources among far too many 
Americans to take advantage of the extensive benefits offered 
by our retirement savings system.
    The purpose of the bill is to advance the public's 
knowledge and understanding of retirement savings; convene a 
bipartisan national retirement savings summit in conjunction 
with the White House to elevate the issue of savings to 
national prominence; and initiate the development of a broad-
based, public education program.

             Section 3. Outreach by the Department of Labor

    The bill amends the Employee Retirement Income Security Act 
of 1974 to add a new section 516, directing the Secretary of 
Labor to maintain an ongoing program of outreach to the public 
to effectively promote retirement income savings by American 
workers. The Department is to do this through: (1) public 
service announcements, (2) public meetings, (3) creation of 
educational materials, and (4) establishment of a site on the 
Internet. The information to be disseminated through all four 
media will include: (1) a description, in simple terms, of the 
common types of retirement income savings arrangements 
available to both individuals and employers (specifically 
including small employers), (2) a means for individuals to 
calculate their estimated retirement savings needs, and (3) an 
explanation for employers, in simple terms, of how to establish 
and maintain different retirement savings arrangements for 
their workers.

            Section 4. National Summit on Retirement Savings

    The bill amends the Employee Retirement Income Security Act 
of 1974 to add a new section 517, convening a quadrennial 
national summit on retirement savings.
    Subsection (a) of new section 517 authorizes the President 
to convene a national summit no later than June 1, 1998 and 
again in September 2001 and September 2005. The summit shall be 
cohosted by the President and the bipartisan leaders of both 
houses of Congress.
    Subsection (b) of new section 517 directs the Secretary of 
Labor to plan and direct the summit in consultation with the 
leaders of Congress, the heads of other appropriate federal 
departments and agencies, and at least one organization made up 
of private businesses and associations partnered with 
government entities to promote retirement savings.
    Subsection (c) of new section 517 sets out the purpose of 
the summit: (1) to advance the public's knowledge and 
understanding of retirement savings and its critical importance 
to the future well-being of American workers and their 
families; (2) to facilitate the development of a broad-based, 
public education program to encourage and enhance Americans' 
commitment to developing a retirement savings strategy; (3) to 
identify the barriers which hinder workers from setting aside 
adequate savings for retirement and impede employers, 
especially small employers, from assisting their workers in 
accumulating retirement savings; and (4) develop specific 
recommendations for legislative, executive, and private sector 
actions to promote retirement income savings among American 
workers.
    Subsection (d) of new section 517 sets out the scope of the 
summit to be issues relating to individual and employer-based 
retirement savings but not issues relating to the Social 
Security Act.
    Subsection (e) of new section 517 sets out the participants 
in the summit. They will be professionals and others working in 
the fields of employee benefits and retirement savings, 
representatives of Congress and the executive branch, 
representatives of state and local governments, representatives 
of private sector institutions (including individual employers) 
concerned about promoting retirement savings among working 
Americans, and representatives of the general public. The bill 
also mandates that the following Congressional leaders or their 
designees be delegates: the Speaker and Minority Leader of the 
House of Representatives, the Chairman and Ranking Member of 
the House Committee on Education and the Workforce, the 
Majority and Minority Leaders of the Senate, the Chairman and 
Ranking Member of the Senate Committee on Labor and Human 
Resources, and the Chairman and Ranking Member of the Senate 
Special Committee on Aging. The remaining 400 delegates would 
be selected equally by the majority and minority leaders of the 
two houses of Congress. These delegates wouldrepresent the 
diversity of thought in the fields of employee benefits and retirement 
savings, without regard to their political affiliation. The summit will 
be presided over equally by representatives of the executive and 
legislative branches.
    Subsections (f) and (g) of new section 517 set out the 
administration of the summit by the Secretary, including the 
mandate that the Secretary prepare an agenda to be published in 
the Federal Register for public comment and prepare a post-
summit report.
    Subsection (h) of new section 517 contains definitions and 
subsection (j) permits the Secretary to enter into contracts.
    Subsection (i) of new section 517 authorizes the 
appropriation of such sums as are necessary to carry out the 
provisions of the bill. It also states that the Secretary may 
accept private contributions to defray the cost of the summit 
and that the Secretary shall ensure, to the maximum extent 
practicable, that half the funds to pay for the summit come 
from private contributions. In addition, Subsection (c) of 
Section 4 of the bill authorizes the expenditure of $1,000,000 
to implement this section (and is to be used for the exclusive 
purpose of educating about and promoting retirement income 
savings).

                             Rollcall Votes

    None.

  Statement of Oversight Findings and Recommendations of the Committee

    In compliance with clause 2(l)(3)(A) of rule XI of the 
Rules of the House of Representatives and clause 2(b)(1) of 
rule X of the Rules of the House of Representatives, the 
Committee's oversight findings and recommendations are 
reflected in the body of this report.

                   Constitutional Authority Statement

    The creation of a national summit on retirement savings and 
the other elements of this Act are within Congress' authority 
under the spending clause of the constitution, Article I, 
section 8, clause 1.

                    Government Reform and Oversight

    With respect to the requirement of clause 2(l)(3)(D) of 
rule XI of the Rules of the House of Representatives, the 
Committee has received no report of oversight findings and 
recommendations from the Committee on Government Reform and 
Oversight on the subject of H.R. 1377.

                           Committee Estimate

    Clause 7 of rule XIII of the Rules of the House of 
Representatives requires an estimate and a comparison by the 
Committee of the costs which would be incurred in carrying out 
H.R. 1377. However, clause 7(d) of that rule provides that this 
requirement does not apply when the Committee has included in 
its report a timely submitted cost estimate of the bill 
prepared by the Director of the Congressional Budget Office 
under section 403 of the Congressional Budget Act of 1974.

                Application of Law to Legislative Branch

    Section 102(b)(3) of Public Law 104-1 requires a 
description of the application of this bill to the legislative 
branch. This bill initiates projects to educate American 
workers about retirement savings and creates a National Summit 
on Retirement Savings; the bill does not prohibit legislative 
branch employees from receiving the benefits of this 
legislation.

                       Unfunded Mandate Statement

    Section 423 of the Congressional Budget and Impoundment 
Control Act requires a statement of whether the provisions of 
the reported bill include unfunded mandates. This bill 
initiates projects to educate American workers about retirement 
savings and creates a National Summit on Retirement Savings, 
and as such does not contain any unfunded mandates.

     Budget Authority and Congressional Budget Office Cost Estimate

    With respect to the requirement of clause 2(l)(3)(B) of 
rule XI of the House of Representatives and section 308(a) of 
the Congressional Budget Act of 1974 and with respect to 
requirements of clause 2(l)(3)(C) of rule XI of the House of 
Representatives and section 403 of the Congressional Budget Act 
of 1974, the Committee has received the following cost estimate 
for H.R. 1377 from the Director of the Congressional Budget 
Office:

                                     U.S. Congress,
                               Congressional Budget Office,
                                      Washington, DC, May 15, 1997.
Hon. William F. Goodling,
Chairman, Committee on Education and the Workforce,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 1377, the Savings 
are Vital to Everyone's Retirement Act of 1997.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Christina 
Hawley Sadoti.
            Sincerely,
                                         June E. O'Neill, Director.
    Enclosure.

H.R. 1377--Savings are Vital to Everyone's Retirement Act of 1997

    Summary: H.R. 1377, the ``Savings are Vital To Everyone's 
Retirement Act of 1997,'' would amend the Employee Retirement 
Income Security Act of 1974 to require the Secretary of Labor 
to undertake various outreach activities to promote retirement 
income savings. The bill also would require the President to 
convene a National Summit on Retirement Income Savings by June 
1, 1998, with additional summits in 2001 and 2005. The bill 
would authorize appropriations of $1 million beginning in 
fiscal year 1998 for these purposes, and would require the 
Secretary to ensure--to the extent practicable--that one-half 
of the costs of the summit would be paid for with private 
donations.
    This bill contains no private-sector or intergovernmental 
mandates as defined in the Unfunded Mandates Reform Act of 1995 
(UMRA), and would impose no costs on state, local, or tribal 
governments.
    Estimated cost to the Federal Government: Enacting H.R. 
1377 would result in increased revenues, as well as direct and 
discretionary spending increases from the Pension and Welfare 
Benefits Administration (PWBA) in the Department of Labor. The 
estimated budgetary impact of H.R. 1377 is shown in the table 
on the following page.

                                    [By fiscal year, in millions of dollars]                                    
----------------------------------------------------------------------------------------------------------------
                                                        1997      1998      1999      2000      2001      2002  
----------------------------------------------------------------------------------------------------------------
                                        SPENDING SUBJECT TO APPROPRIATION                                       
                                                                                                                
Spending under current law:                                                                                     
    Budget authority................................        77        80        82        85        88        91
    Estimated outlays...............................        74        79        81        84        87        90
Proposed changes:                                                                                               
    Authorization level.............................  ........         1         1         1         1         1
    Estimated outlays...............................  ........         1         1         1         1         1
Spending under H.R. 1377:                                                                                       
    Authorization level.............................        77        81        83        86        89        92
    Estimated outlays...............................        74        80        82        85        88        91
                                                                                                                
                                          DIRECT SPENDING AND REVENUES                                          
                                                                                                                
Direct spending:                                                                                                
    Estimated budget authority......................  ........         1  ........  ........         1  ........
    Estimated outlays...............................  ........         1  ........  ........         1  ........
Revenues:                                                                                                       
    Estimated revenues..............................  ........         1  ........  ........         1  ........
----------------------------------------------------------------------------------------------------------------
\1\ The 1997 level is the amount appropriated for that year.                                                    

    The costs of this legislation fall within budget function 
600 (General retirement and disability insurance).
    Basis of estimate: Spending subject to appropriations--H.R. 
1377 would require the Secretary to maintain an ongoing program 
of outreach to the public, including the establishment of an 
Internet site, to promote retirement savings. The site would 
contain a means for individuals to calculate their retirement 
needs, a description of the types of retirement income savings 
arrangements available, materials explaining to employers how 
to establish and maintain different retirement savings 
arrangements for their workers, as well as other materials 
developed by federal agencies to promote retirement income 
savings. The Internet site would also contain links to other 
sites that would provide additional detail on retirement income 
savings arrangements and related topics. The bill also would 
require the President to convene a National Summit on 
Retirement Savings not later than June 1, 1998, with additional 
summits to follow in 2001 and 2005.
    The bill would authorize appropriations of $1 million in 
fiscal year 1998, and such sums as may be necessary in 
subsequent fiscal years, for the purposes outlined in the bill. 
Assuming that these funds would be spent according to the 
historical spending patterns of the PWBA, CBO estimates that 
enacting H.R. 1377 would increase spending subject to 
appropriations by $1 million in fiscal year 1998 and $5 million 
over the 1998-2002 period.
    Revenues and direct spending--The bill also would require 
the Secretary to ensure, to the extent practicable, that at 
least one-half of the funds available for the National Summit 
on Retirement Savings consist of private contributions. 
Accordingly, CBO estimates that at least $500,000 in private 
donations would be available to be spent on Summit expenses. 
Therefore, enactment of H.R. 1377 would increase revenues by 
about $500,000 in fiscal year 1998, and these funds in turn 
would be spent. These outlays would be classified as direct 
spending.
    Pay-as-you-go considerations: Enactment of H.R. 1377 would 
require the Secretary of Labor to ensure that at least one-half 
of the funds available for the National Summit on Retirement 
Savings would come from private donations. Because this bill 
would increase revenues as well as direct spending, pay-as-you-
go procedures would apply. However, the direct spending and 
revenues would offset one another, with no resulting net pay-
as-you-go impact.
    Intergovernmental and private sector impact: H.R. 1377 
contains no intergovernmental or private sector mandates as 
defined in the Unfunded Mandates Reform Act of 1995 (UMRA), and 
would impose no costs on state, local, or tribal governments. 
In order to conduct conferences in conjunction with the 
National Summit, state agencies would be eligible to receive a 
portion of the funds authorized to be appropriated by this 
bill.
    Estimate prepared by: Federal cost, Christina Hawley 
Sadoti; impact on State, local and tribal governments, John 
Patterson; impact on the private sector, Ralph Smith.
    Estimate approved by: Paul N. Van de Water, Assistant 
Director for Budget Analysis.

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3 of rule XIII of the Rules of the 
House of Representatives, changes in existing law made by the 
bill, as reported, are shown as follows (new matter is printed 
in italic, and existing law in which no change is proposed is 
shown in roman):

            EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974

          * * * * * * *

                            TABLE OF CONTENTS

Sec. 1. Short title and table of contents.
     * * * * * * *

             TITLE I--PROTECTION OF EMPLOYEE BENEFIT RIGHTS

     * * * * * * *

                    Subtitle B--Regulatory Provisions

     * * * * * * *

                 Part 5--Administration and Enforcement

Sec. 501. Criminal penalties.
     * * * * * * *
Sec. 515. Delinquent contributions.
Sec. 516. Outreach to promote retirement income savings.
Sec. 517. National Summit on Retirement Savings.
     * * * * * * *

             TITLE I--PROTECTION OF EMPLOYEE BENEFIT RIGHTS

          * * * * * * *

                   Subtitle B--Regulatory Provisions 

          * * * * * * *

                 Part 5--Administration and Enforcement

          * * * * * * *


             outreach to promote retirement income savings


  Sec. 516. (a) In General.--The Secretary shall maintain an 
ongoing program of outreach to the public designed to 
effectively promote retirement income savings by the public.
  (b) Methods.--The Secretary shall carry out the requirements 
of subsection (a) by means which shall ensure effective 
communication to the public, including publication of public 
service announcements, public meetings, creation of educational 
materials, and establishment of a site on the Internet.
  (c) Information To Be Disseminated.--The information to be 
disseminated by the Secretary as part of the program of 
outreach required under subsection (a) shall include the 
following:
          (1) a description of the vehicles currently available 
        to individuals and employers for creating and 
        maintaining retirement income savings, specifically 
        including information explaining to employers, in 
        simple terms, how to establish each of the different 
        retirement savings vehicles for their workers, and
          (2) information regarding matters relevant to 
        establishing retirement income savings, such as--
                  (A) the forms of retirement income savings,
                  (B) the concept of compound interest,
                  (C) the importance of commencing savings 
                early in life,
                  (D) savings principles,
                  (E) the importance of prudence and 
                diversification in investing,
                  (F) the importance of the timing of 
                investments, and
                  (G) the impact on retirement savings of 
                life's uncertainties, such as living beyond 
                one's life expectancy.
  (d) Establishment of Site on the Internet.--The Secretary 
shall establish a permanent site on the Internet concerning 
retirement income savings. The site shall contain at least the 
following information:
          (1) a means for individuals to calculate their 
        estimated retirement savings needs, based on their 
        retirement income goal as a percentage of their 
        preretirement income;
          (2) a description in simple terms of the common types 
        of retirement income savings arrangements available to 
        both individuals and employers (specifically including 
        small employers), including information on the amount 
        of money that can be placed into a given vehicle, the 
        tax treatment of the money, the amount of accumulation 
        possible through different typical investment options 
        and interest rate projections, and a directory of 
        resources of more descriptive information;
          (3) materials explaining to employers in simple terms 
        how to establish and maintain different retirement 
        savings arrangements for their workers and what the 
        basic legal requirements are under this Act and the 
        Internal Revenue Code of 1986;
          (4) copies of all educational materials developed by 
        the Department of Labor, and by other Federal agencies 
        in consultation with such Department, to promote 
        retirement income savings by workers and employers; and
          (5) links to other sites maintained on the Internet 
        by governmental agencies and nonprofit organizations 
        that provide additional detail on retirement income 
        savings arrangements and related topics on savings or 
        investing.
  (e) Coordination.--The Secretary shall coordinate the 
outreach program under this section with similar efforts 
undertaken by other public and private entities.


                 national summit on retirement savings


  Sec. 517. (a) Authority To Call Summit.--Not later than June 
1, 1998, the President shall convene a National Summit on 
Retirement Income Savings at the White House, to be co-hosted 
by the President and the Speaker and the Minority Leader of the 
House of Representatives and the Majority Leader and Minority 
Leader of the Senate. Such a National Summit shall be convened 
thereafterin 2001 and 2005 on or after September 1 of each year 
involved. Such a National Summit shall--
          (1) advance the public's knowledge and understanding 
        of retirement savings and its critical importance to 
        the future well-being of American workers and their 
        families;
          (2) facilitate the development of a broad-based, 
        public education program to encourage and enhance 
        individual commitment to a personal retirement savings 
        strategy;
          (3) develop recommendations for additional research, 
        reforms in public policy, and actions in the field of 
        retirement income savings; and
          (4) disseminate the report of, and information 
        obtained by, the National Summit and exhibit materials 
        and works of the National Summit.
  (b) Planning and Direction.--The National Summit shall be 
planned and conducted under the direction of the Secretary, in 
consultation with, and with the assistance of, the heads of 
such other Federal departments and agencies as the President 
may designate. Such assistance may include the assignment of 
personnel. The Secretary shall, in planning and conducting the 
National Summit, consult with the congressional leaders 
specified in subsection (e)(2). The Secretary shall also, in 
carrying out the Secretary's duties under this subsection, 
consult and coordinate with at least one organization made up 
of private sector businesses and associations partnered with 
Government entities to promote long-term financial security in 
retirement through savings (including for 1998, and thereafter 
as the Secretary may deem appropriate, the American Savings 
Education Council).
  (c) Purpose of National Summit.--The purpose of the National 
Summit shall be--
          (1) to increase the public awareness of the value of 
        personal savings for retirement;
          (2) to advance the public's knowledge and 
        understanding of retirement savings and its critical 
        importance to the future well-being of American workers 
        and their families;
          (3) to facilitate the development of a broad-based, 
        public education program to encourage and enhance 
        individual commitment to a personal retirement savings 
        strategy;
          (4) to identify the problems which hinder workers 
        from setting aside adequate savings for retirement;
          (5) to identify the barriers which impede employers, 
        especially small employers, from assisting workers in 
        accumulating retirement savings;
          (6) to examine the impact and effectiveness of 
        individual employers to promote personal savings for 
        retirement among their workers and to promote 
        participation in company savings options;
          (7) to examine the impact and effectiveness of 
        government programs at the Federal, State, and local 
        levels to promote retirement income savings;
          (8) to develop such specific and comprehensive 
        recommendations for the legislative and executive 
        branches of the Government and for private sector 
        action as may be appropriate for promoting retirement 
        income savings among American workers; and
          (9) to develop recommendations for the coordination 
        of Federal, State, and local policies among the 
        Federal, State, and local levels of government and for 
        the coordination of such policies (including any 
        solutions for Federal, State, and local needs devised 
        at the Federal, State, and local levels) with the 
        efforts of the private sector to meet such needs, and 
        to identify the appropriate authority and entities to 
        implement such recommendations.
  (d) Scope of National Summit.--The scope of the National 
Summit shall consist of issues relating to individual and 
employer-based retirement savings and shall not include issues 
relating to the old-age, survivors, and disability insurance 
program under title II of the Social Security Act.
  (e) National Summit Participants.--
          (1) In general.--To carry out the purposes of the 
        National Summit, the National Summit shall bring 
        together--
                  (A) professionals and other individuals 
                working in the fields of employee benefits and 
                retirement savings;
                  (B) Members of Congress and officials in the 
                executive branch;
                  (C) representatives of State and local 
                governments;
                  (D) representatives of private sector 
                institutions, including individual employers, 
                concerned about promoting the issue of 
                retirement savings and facilitating savings 
                among American workers; and
                  (E) representatives of the general public.
          (2) Statutorily required participation.--The 
        participants in the National Summit shall include the 
        following individuals or their designees:
                  (A) the Speaker and the Minority Leader of 
                the House of Representatives;
                  (B) the Majority Leader and the Minority 
                Leader of the Senate;
                  (C) the Chairman and ranking Member of the 
                Committee on Education and the Workforce of the 
                House of Representatives;
                  (D) the Chairman and ranking Member of the 
                Committee on Labor and Human Resources of the 
                Senate;
                  (E) the Chairman and ranking Member of the 
                Special Committee on Aging of the Senate; and
                  (F) the parties referred to in subsection 
                (b).
          (3) Additional participants.--There shall be not more 
        than 400 additional participants. Of such additional 
        participants--
                  (A) one-fourth shall be appointed by the 
                Speaker of the House of Representatives;
                  (B) one-fourth shall be appointed by the 
                Minority Leader of the House of 
                Representatives;
                  (C) one-fourth shall be appointed by the 
                Majority Leader of the Senate; and
                  (D) one-fourth shall be appointed by the 
                Minority Leader of the Senate.
        Such remaining participants shall be selected without 
        regard to political affiliation or past partisan 
        activity and shall be representative of the diversity 
        of thought in the fields of employee benefits and 
        retirement income savings.
          (4) Presiding officers.--The National Summit shall be 
        presided over equally by representatives of the 
        executive and legislative branches.
  (f) National Summit Administration.--
          (1) Administration.--In administering this section, 
        the Secretary shall--
                  (A) request the cooperation and assistance of 
                such other Federal departments and agencies and 
                other parties referred to in subsection (b) as 
                may be appropriate in the carrying out of this 
                section;
                  (B) furnish all reasonable assistance, 
                including financial assistance, to State 
                agencies, area agencies, and other appropriate 
                organizations to enable them to organize and 
                conduct conferences in conjunction with the 
                National Summit;
                  (C) make available for public comment a 
                proposed agenda for the National Summit that 
                reflects to the greatest extent possible the 
                purposes for the National Summit set out in 
                this section;
                  (D) prepare and make available background 
                materials for the use of participants in the 
                National Summit that the Secretary considers 
                necessary; and
                  (E) appoint and fix the pay of such 
                additional personnel as may be necessary to 
                carry out the provisions of this section 
                without regard to provisions of title 5, United 
                States Code, governing appointments in the 
                competitive service, and without regard to 
                chapter 51 and subchapter III of chapter 53 of 
                such title relating to classification and 
                General Schedule pay rates.
          (2) Duties.--The Secretary shall, in carrying out the 
        responsibilities and functions of the Secretary under 
        this section, and as part of the National Summit, 
        ensure that--
                  (A) the National Summit shall be conducted in 
                a manner that ensures broad participation of 
                Federal, State, and local agencies and private 
                organizations, professionals, and others 
                involved in retirement income savings and 
                provides a strong basis for assistance to be 
                provided under paragraph (1)(B);
                  (B) the agenda prepared under paragraph 
                (1)(C) for the National Summit is published in 
                the Federal Register; and
                  (C) the personnel appointed under paragraph 
                (1)(E) shall be fairly balanced in terms of 
                points of views represented and shall be 
                appointed without regard to political 
                affiliation or previous partisan activities.
  (g) Report.--The Secretary shall prepare a report describing 
the activities of the National Summit and shall submit the 
report to the President, the Speaker and Minority Leader of the 
House of Representatives, the Majority and Minority Leaders of 
the Senate, and the chief executive officers of the States not 
later than 90 days after the date on which the National Summit 
is adjourned.
  (h) Definition.--For purposes of this section, the term 
``State'' means a State, the District of Columbia, the 
Commonwealth of Puerto Rico, the Commonwealth of the Northern 
Mariana Islands, Guam, the Virgin Islands, American Samoa, and 
any other territory or possession of the United States.
  (i) Authorization of Appropriations.--
          (1) In general.--There is authorized to be 
        appropriated for fiscal years beginning on or after 
        October 1, 1997, such sums as are necessary to carry 
        out this section.
          (2) Reliance on private contributions.--The Secretary 
        may accept private contributions, in the form of money, 
        supplies, or services, to defray the costs of the 
        National Summit. The Secretary shall ensure, to the 
        extent practicable, that at least one-half of the funds 
        available to the Secretary for each fiscal year to 
        carry out the provisions of this section consist of 
        such private contributions.
  (j) Contracts.--The Secretary may enter into contracts to 
carry out the Secretary's responsibilities under this section, 
but only to the extent, or in such amounts, as are provided in 
advance in appropriations Acts.
          * * * * * * *
           ADDITIONAL VIEWS OF THE HONORABLE DONALD M. PAYNE

    We are pleased to join in this effort to bring attention to 
a very important issue concerning the long-term security of 
working families. Unfortunately, the retirement clock is 
running out for millions of American workers and their 
families. Today's debate about Social Security is fueled by the 
fact that millions of people will not have any significant 
retirement income beyond Social Security. This consideration 
makes the Federal program even more critical, especially at a 
time when its fiscal future is under tremendous scrutiny.
    The Savings Are Vital to Everyone's Retirement (SAVER) Act 
will provide a big first step toward creating greater awareness 
among Americans of the need to evaluate their pension plans and 
to prepare for retirement. After a lifetime of hard work, and 
contributing to and building our society, millions of older 
Americans have retired inadequately prepared for their 
retirement years. They find themselves unable to pay their 
bills and maintain a secure retirement.
    The Democratic Members of the Committee have always 
strongly advocated retirement security for workers. Although 
H.R. 1377 is a laudable step in the right direction, we need to 
do more.
    While we have worked closely with the Clinton 
Administration to make gains in strengthening protections for 
pension plan participants over the last 4 years, we still have 
miles to go in assuring retirement security. Half of all older 
Americans have incomes of less than $11,300. Their incomes are 
drawn primarily from Social Security, which on average pays 
$8,460 to retired workers, an amount that represents less than 
today's minimum wage! Very little of their income comes from 
individual savings.
    This statistical snapshot paints a very disturbing picture. 
There is a direct correlation between pension adequacy and the 
wages that workers receive. Many employers based their pension 
benefits on workers' wages. Defined contribution plans, 
including 401(k) plans and defined benefit plans, are 
calculated based on the earnings of workers. A very alarming 
image has emerged concerning the retirement security of low 
wage workers.
    Women and minorities are disproportionately represented 
among low wage workers. Many of them will never receive a 
pension. Less than half of all working women are covered by a 
pension. Those who are fortunate enough to be covered by a 
pension benefit plan can expect to receive lower benefits in 
retirement because their wages were lower while they were 
working. We need to do a much better job in alerting these 
workers to the peril of inadequate retirement planning. 
However, that kind of education alone is not enough.
    Some 12 million women work for small firms that do not 
offer pension plans. It is not surprising then that only 39% of 
women are covered by a pension plan. The U.S. Department of 
Labor recently reported that the median annuity benefits 
received by women were at 50 percent of the level received by 
men.
    A recent study conducted by Professor Yung-Ping Chen, of 
the University of Massachusetts--Boston, noted an alarming 
trend in private pension coverage among African Americans and 
Latinos. His study suggests that a disproportionate number of 
minority workers will become strictly dependent on Social 
Security. Furthermore, he reports that these workers will have 
a shrinking chance to enjoy a financially comfortable 
retirement.
    The percentage of blacks covered by private pensions of all 
types plummeted from 45.1% in 1979 to 33.8% in 1993, while 
coverage for Latinos fell from 37.7% to 24.6% during the same 
period. Equally as disturbing, the Chen study found that 
pension protection may actually be diminishing for minorities.
    We hope that the SAVER Act will successfully reach these 
workers. But, with the baby boom generation on the eve of 
retirement, this Committee has to take additional steps toward 
enhancing the security of pension plans for the next generation 
of retirees. The provisions in the SAVER Act will open up 
opportunities to better educate and prepare America for the 
retirement of the baby boom generation.
    Finally, we hope that the Republican Majority will commit 
to working with us to improve the quality of pension plan 
audits. We think this is the next big step that the Congress 
needs to take to assure retirement income security for all 
Americans.

                                   Donald M. Payne.
                                   Lynn Woolsey.
                                   Chaka Fattah.
                                   Harold Ford, Jr.
                                   George Miller.
                                   Dale E. Kildee.
                                   Major R. Owens.
                                   Rubin Hinojosa.
                                   Carolyn McCarthy.
                                   Bobby Scott.
                                   William L. Clay.
                                   Loretta Sanchez.