    [Public Papers of the Presidents of the United States: William J. Clinton (1997, Book II)]
    [November 20, 1997]
    [Page 1622]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on Signing the Savings Are Vital to Everyone's Retirement Act
    of 1997
    November 20, 1997

        I am pleased to have signed into law H.R. 1377, the ``Savings Are
    Vital to Everyone's Retirement Act of 1997,'' (SAVER Act). This Act will
    address the important issue of retirement savings through a public-
    private sector partnership. It is an important step, taken in a
    bipartisan manner, to increase awareness of the need for pension and
    individual savings so American workers may enjoy a secure and
    comfortable retirement. I want to thank all the members of both parties
    who worked with us to produce strong bipartisan legislation.
        Under the SAVER Act, I will convene the first national summit on
    retirement income savings in 1998 to foster increased awareness of the
    importance of saving for retirement. Currently, only two-thirds of
    workers with the opportunity to participate in a 401(k) plan do so.
    Although this represents an increase from less than 40 percent in 1983,
    two-thirds is simply not good enough. We have to do better, particularly
    because more and more Americans are relying on these types of plans for
    retirement savings. Subsequent summits on savings will take place in
    2001 and 2005.
        My Administration will work to make sure that the summits help
    educate employers about the types of plans that are available, including
    traditional defined benefit pension plans, as well as a relatively new
    defined contribution plan that is especially designed for small
    businesses. The summits will also identify problems workers have setting
    aside money for retirement, and that employers have in assisting their
    workers to do so. Recommendations will be produced by the summits as to
    what the private and public sectors can do to promote pension and
    individual savings. I am particularly concerned about the savings of
    women, minority, and low- and moderate-income workers, for whom putting
    away money for retirement is often particularly difficult.
        The SAVER Act calls for the public and private sectors to work
    together in planning and conducting the national summits on retirement
    income savings, which I will co-host with the congressional leadership
    of both parties. The Act also affirms the ongoing efforts of my
    Administration to promote retirement savings through public outreach by
    directing the Secretary of Labor to maintain and expand the Department's
    program of retirement savings education.

                                                          William J. Clinton

    The White House,

    November 20, 1997.

    Note: H.R. 1377, approved November 19, was assigned Public Law No. 105-
    92.