Why take a week if you can have a month?
NAGDCA announced this week that it has extended “National Retirement Security Week” to “National Retirement Security Month,” to be observed during October.
Lexington, Ky.-based NAGDCA, which stand for The National Association of Government Defined Contribution Administrators, first conceived and facilitated congressional endorsement of National Retirement Security Week in 2006.
“Americans remain steadfast in their confidence in Social Security to fund a secure retirement. Yet Social Security was never meant to serve as a total income replacement source; it was meant to supplement pension income,” says Matt Petersen, NAGDCA Executive Director. “Social Security benefits replace roughly 40% of pre-retirement income among average earners. While this is a meaningful supplement to other income sources, it’s hardly enough to maintain a comfortable lifestyle on its own.”
Petersen points out that nearly a quarter of public sector employees are ineligible for Social Security and employer pensions are rare outside the public sector. “Where available, they’re often less robust than they once were. Clearly, Americans need to be actively engaged in preparing for retirement, and they need all the help we can give them. This requires much more than a single week a year of focused attention.”
National Retirement Security Week—now Month—asks Americans to be aware of their financial standing with regard to retirement—and employers to make every effort to help them take the steps necessary to adequately prepare for their financial security in retirement, Petersen concludes.
As articulated in previous resolutions—S.Res.339 sponsored by Senator Michael Enzi (R-WY)—the Senate “calls on states, localities, schools, universities, nonprofit organizations, businesses, other entities, and the people of the United States to observe National Retirement Security Week 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.”
NAGDCA’s Executive Board agreed to update its legislative efforts to encourage the House and Senate to introduce and pass a resolution declaring October National Retirement Security Month. The adjustment from a week- to a month-long celebration, recommended by NAGDCA’s Legislative Committee, would provide plan sponsors greater flexibility in implementing promotions and events.
National Retirement Security Week (NRSW), traditionally recognized during the third week of October, is a national effort to engage Americans in taking action to achieve and maintain retirement security. At NAGDCA’s request, the Senate has passed resolution supporting the goals and ideals of NRSW every year since 2006.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
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