U.S. Labor Secretary Opens SAVER Summit To Develop Strategies for Enhancing Retirement Security

The U.S. Secretary of Labor Elaine L. Chao opened the 2006 SAVER Summit by challenging delegates to develop strategies for enhancing retirement security. The Summit is to address obstacles to savings faced by four groups-—new labor market entrants, low-income wage earners, small business employers and their employees, and workers nearing retirement.

Chao's address focused on President Bush’s agenda on pension reform and the Administration’s commitment to work with Congress to pass pension reform legislation that "strengthens the funding of pension plans, provides transparency of information for workers, and stabilizes the federal pension insurance system." Secretary Chao also stressed the importance of access to professional investment advice to improve the choice, control and confidence workers have in their retirement saving plans.

Source: News Release U.S. Department of Labor (March 1, 2006)