The U.S. Senate unanimously approved a bipartisan resolution supporting the goals and ideals of National Retirement Security Week.
The Senate first passed a resolution for National Retirement Security Week in 2006 at the request of the National Association of Government Defined Contribution Administrators (NAGDCA). In the resolution, S. Res. 654, the Senate calls on states, local governments, school districts, universities, nonprofit organizations, businesses and others to observe National Retirement Security Week October 21 through October 27.
NAGDCA continues to develop and promote free, ready-to-use communication materials for plan sponsors to use with their employees, and for employees to 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.
The Retirement Garden Edition video series addresses retirement savings considerations according to early, mid- and late career. Early Career likens saving for retirement to planting a garden to emphasize the benefits of starting to save for retirement with an individual’s first job (compounding). Mid-Career focuses on the benefits to be gained from monitoring and adjusting portfolios, minimally increasing savings (annual-increase additive), and building an emergency fund to prevent the need for withdrawing funds from a retirement savings plan. Late Career reviews how to harvest retirement savings (withdrawal strategies) and, if needed, how to catch up on savings with a little Miracle Grow (IRS catch-up provisions).“Communication directed specifically at individual needs can be a huge lever for change,” says Cindy Rehmeier, CFP, NAGDCA executive board president and manager of defined contribution plans at Missouri State Employees’ Retirement System (MOSERS).