NEWS ADVISORY
July 15, 2008
PR-08/12
For additional information:
Jason Hammersla
office 202-289-6700
cell 202-253-5458
Council staff available to comment on retirement savings hearing in Senate Aging Committee
| WHO: |
Lynn Dudley, senior vice president, policy, American Benefits Council
Diann Howland, vice president, legislative affairs, American Benefits Council |
| WHAT, WHERE, WHEN: |
The U.S. Senate Special Committee on Aging will hold the hearing Saving Smart for Retirement: Are Americans Being Encouraged to Break Open the Piggy Bank? on July 16 at 10:30 a.m. in 562 Dirksen Senate Office Building.
It is expected that the hearing will focus on "leakage" — the depletion of retirement assets prior to retirement age. In particular, the committee may examine such issues as loans and hardship withdrawals.
The Council is not testifying at this hearing but will be available to respond to media inquiries about the role of employer plan sponsors in securing retirement savings for their workers and current practices relating to loans and hardship withdrawals. The Council’s 2004 long-term strategic plan document Safe and Sound: A Ten-Year Plan for Promoting Personal Financial Security established specific numerical goals to be achieved by 2014 in terms of raising retirement savings and increasing the share of workers in workplace retirement plans. |
| CONTACT: |
For interviews with Council staff following the hearing, please contact Jason Hammersla, Council director, communications & publications, at 202-289-6700. |
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The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Council’s members represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.
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