Second Annual America Saves Week Kicks Off Feb. 24

February 22, 2008

American Saves Week, an effort that aims to increase awareness around the need to save money, reduce debt, and build wealth, kicks off Feb. 24. The theme for this year's weeklong event (Feb. 24 - March 2) is "Build Wealth, Not Debt."

The American Savings Education Council (ASEC) and Employee Benefits Research Institute (EBRI) - the sponsoring organizations of the America Saves initiative - are encouraging workers to do that by taking advantage of the savings tools and resources available on the America Saves Web site. Individuals who enroll as one of America's Savers will receive the American Saver newsletter, which offers information on a wide variety of savings topics and helps new savers network with veteran savers who are achieving their financial goals. Enrollees will also receive e-mail access to free financial advice.

The America Saves initiative also seeks to encourage employers, retirement plan providers, and other organizations to encourage saving, debt reduction, and wealth building. Partnerships can be established with local America Saves campaigns to offer motivational workshops, posters, brochures and other resources. America Saves asks financial institutions to offer no fee, low opening balance accounts for small savers, IRAs, CDs, and other savings and investment opportunities and incentives to encourage people to open or add money to their accounts during the week.

As a strong supporter of National Save for Retirement Week, ICMA-RC also stands behind America Saves Week. Longer life spans and rising costs, especially for health care, have changed the retirement outlook for many Americans. Workers may need 80 percent or more of their pre-retirement income to maintain their current standard of living. In the public sector, over 90 percent of employees have an excellent foundation in defined benefit plans. But only 30 to 40 percent of them are saving in a defined contribution plan or other supplemental savings vehicle. And even the strongest advocates for defined benefit plans agree that these plans alone do not provide for a secure retirement.

The America Saves and National Save for Retirement Week initiatives remind employers, providers, and especially individuals, how necessary and important it is to build retirement security.

For more information on America Saves Week, visit www.americasaves.org. For more information on National Save for Retirement Week, visit www.retirementweek.org.