§1146 — Title 29 Labor | U.S. Code

Summary

The Secretary must run a continuing public outreach program to encourage people to save for retirement. The program must reach the public effectively, using things like public service announcements, public meetings, educational materials, and a permanent website. The outreach must explain retirement savings choices for individuals and employers, with simple steps to set them up, and cover topics like types of savings, compound interest, starting early, basic saving rules, prudence and diversification, timing of investments, and how life events (for example, outliving one’s life expectancy) affect savings. The permanent website must include a calculator that estimates needed retirement savings based on a retirement income goal as a percentage of preretirement income; plain descriptions of common plans (including small‑employer options) with info on contribution limits, tax treatment, projected accumulation, and a resource directory; employer guidance including basic legal requirements under this chapter and title 26 and setup steps; copies of federal educational materials; and links to other government and nonprofit sites. The Secretary must coordinate this work with similar public and private efforts.

Title 29, §1146

Labor — Source: USLM XML via OLRC

(a)The Secretary shall maintain an ongoing program of outreach to the public designed to effectively promote retirement income savings by the public.

(b)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)The information to be made available 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, the characteristics and operation of the different retirement savings vehicles, including the steps to establish each such vehicle; 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)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, the characteristics and operation of the different retirement savings arrangements for their workers and what the basic legal requirements are under this chapter and title 26, including the steps to establish each such arrangement;

(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)The Secretary shall coordinate the outreach program under this section with similar efforts undertaken by other public and private entities.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (d)(3), was in the original “this Act”, meaning Pub. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of this Act to the Code, see

Short Title

note set out under section 1001 of this title and Tables.

Statutory Notes and Related Subsidiaries

Findings and Purpose Pub. L. 105–92, § 2, Nov. 19, 1997, 111 Stat. 2139, provided that: “(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 [see

Short Title

of 1997 Amendment note, set out under section 1001 of this title]—“(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.”

§1146 Outreach to Promote Retirement Income Savings

Summary

Title 29, §1146

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Statutory Notes and Related Subsidiaries

Short Title

Citations & Metadata