Bipartisan Senate resolution for continuation of NAGDCA-initiated National Retirement Security Week receives unanimous approval

Goal is to increase Americans’ retirement savings and financial literacy to enhance their retirement security; NAGDCA promotes free, easy-to-use communication tools to further support effort

LEXINGTON, Ky., Oct. 04, 2018 (GLOBE NEWSWIRE) -- The National Association of Government Defined Contribution Administrators (NAGDCA) today announced that the U.S. Senate unanimously approved a bipartisan resolution supporting the goals and ideals of National Retirement Security Week (NRSW). 

NRSW is a national effort to raise public awareness about the importance of saving for retirement. It is held annually during the third week of October. The Senate first passed a resolution for NRSW in 2006 at NAGDCA’s request; it has continued with the Senate’s support each year since then. S. Res. 654 was introduced by Senator Michael Enzi (R-WY), who was joined by a bipartisan group of cosponsors including Senators Ben Cardin (D-MD), Ron Wyden (D-OR), Susan Collins (R-ME), Lamar Alexander (R-TN), Douglas Jones (D-AL), Todd Young (R-IN), and Maggie Hassan (D-NH). Securing passage of the NRSW resolution by the Senate is one of NAGDCA’s top legislative priorities for 2018.

“We’re thrilled that the Senate has once again approved the resolution to maintain National Retirement Security Week. NAGDCA’s goal in facilitating the creation of National Retirement Security Week was to create a grassroots movement for societal change around retirement. The unanimous support for this bipartisan resolution suggests the need for change remains—and that it has grown even more urgent,” stated Cindy Rehmeier, CFP, NAGDCA Executive Board President and Manager of Defined Contribution Plans at Missouri State Employees’ Retirement System (MOSERS).

In the resolution, S. Res. 654, the Senate calls on states, local governments, school districts, universities, nonprofit organizations, businesses and others to observe NRSW during the week of October 21-27, 2018, “…with appropriate programs and activities, with the goal of increasing the retirement savings and personal financial literacy of all people in the United States, thereby enhancing the retirement security of the people of the United States.”

To this end, NAGDCA continues to develop and promote free, ready-to-use communication materials for plan sponsors to use with their employees, and employees can share with family and friends. NAGDCA’s “Your Whole Story” campaign and new Retirement Garden Edition video series apply “behaviorally effective” communication techniques to engage participants in becoming aware of their role in preparing for retirement.

“Communication directed specifically at individual needs can be a huge lever for change. The ‘Your Whole Story’ campaign and Retirement Garden Edition video series engage employees in the many facets of saving for retirement without using fear tactics, which have been proven to turn off employees from taking the actions necessary to secure their financial future,” Cindy continued.

“Your Whole Story” materials can be easily accessed, used generically or customized, and implemented in digital or printed form. “Your Whole Story” information and materials may be accessed here. The Retirement Garden Edition, a new video series, addresses retirement savings considerations according to early, mid- and late career. It is available on NAGDCA’s “Your Whole Story” site and on YouTube.

“There is no doubt that retirement security is good for Americans, employers, and our nation as a whole. We urge employers across the public and private sectors to observe NRSW during the week of October 21-27, by providing their employees with the information they need to become adequately prepared for a secure retirement,” Cindy concluded.

About the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA)
NAGDCA is the leading association for defined contribution retirement plans of government employers to advocate opportunities that empower sponsors to preserve and enhance these plans to meet their goal of providing participants with financial security at retirement.

Robin Schoen