ASEC Mission: To make saving and retirement planning a priority for all Americans.
From the American Savings Education Council (ASEC):
- We realize this goal by educating the public about all aspects of financial security through our coalition of major public- and private-sector partners.
- For more about ASEC, download this brochure
May 8, 2008
REPORT OF THE WORKING GROUP ON FINANCIAL LITERACY OF PLAN PARTICIPANTS AND THE ROLE OF THE EMPLOYER
This report was produced by the ERISA Advisory Council's Working Group on Financial Literacy of Plan Participants and the Role of the Employer. The ERISA Advisory Council was created by ERISA to provide advice to the Secretary of Labor. The contents of this report do not represent the position of the Department of Labor
The 2007 ERISA Advisory Council formed a Working Group on Financial Literacy of Plan Participants (hereinafter referred to as the “Working Group”) to study numerous issues in increasing the financial decision-making skills of plan participants. The desired result of the Working Group was to discover and present matters that would enhance the ability of plan participants to manage assets throughout their financial life cycle.
Testimony to the Working Group was provided on July 10, 2007 and September 19, 2007 by 13 speakers, representing educators, investment management, organizations that represented multi-stakeholders, lawyers/consultants, and the federal government.
The Working Group is chaired by ASEC Partner Richard Landesberg of Nationwide. Testimony was provided by ASEC Partner Melissa Kahn of MetLife and ASEC Chairman Dallas Salisbury among others.
A copy of the report can be obtained from the Department of Labor's web site, Report of the Working Group on Financial Literacy of Plan Participants and the Role of the Employer.
APRIL 30, 2008
RELEASE OF A SUMMARY REPORT OF ACTIVITIES DURING AMERICA SAVES WEEK 2008
In one of the country’s largest savings initiatives, the second annual America Saves Week (February 24 - March 2, 2008) reached millions of Americans to promote better savings habits. Hundreds of organizations, including every military service branch, several government agencies at the federal, state, and local level, major non-profits and companies participated in educating and encouraging action amongst members, staff and customers.
Summary Report
Press Release
APRIL 22, 2008
EBRI Benefits Section in Wall Street Journal
A special seven-page section on employee benefits, written primarly by EBRI, appears in the April 22 Wall Street Journal, pgs. A11-18. Articles include Benefit Trends, the Pension Protection Act and 401(k)s, Is the Tipping Point in Health Benefits Near?, and Consumer-Driven Health Plans: Are They Working? The section is also posted on the Wall Street Journal's Web site.
APRIL 18, 2008
ASEC's April 2008 Partners Meeting Presentations
I. Welcome and Report – Dallas Salisbury, Employee Benefit Research Institute
II
. "Rolling in the Dough" Saving Campaign, Drawing for the Winner – Joan Lok, Maryland Saves
III. Choose-to-Save Update – Ken McDonnell, Employee Benefit Research Institute
IV. Results of Preparing for Their Future: A Financial Look at Gen X and Gen Y –Lisa Greenwald, Greenwald & Associates
V. Results of the 2008 Retirement Confidence Survey – Matthew Greenwald, Greenwald & Associates
VI. NCEE National Summit on Economic and Financial Literacy – Joe Peri, NCEE
VII. New Interactive Web Program, E-Extension – Jane Schuchardt, Cooperative Extension
VIII. Update on America Saves Week – Nancy Register, America Saves
IX. Panel on Program Highlights for Target Audiences
Presenters:
Bob Wells, Iowa State University
Jonathan Kivell, Educated Consumer Project
Julie Kyrazis, Military Saves
Cindy Hounsell, WISER
Kelley Coates-Carter, AARP
X. Question & Answer Period to Panel on Program Highlights for Target Audiences – moderator: Dallas Salisbury, Employee Benefit Research Institute
XI. Partner Announcements
Summary Report of the ASEC Spring 2008 Partners Meeting
APRIL 17, 2008
LAUNCH OF A NEW PARTNERING INITATIVE
ASEC is engaged with the American Institute of Certified Public Accountants (AICPA), an ASEC Partner. Both organizations promote champions of saving-Savingsman (ASEC) and Benjamin Bankes (the spokesman for AICPA and the Ad Council’s Feed the Pig Campaign). These two characters are joining forces as savings spokesmen to promote and serve as guides for the many available Web based-financial education services and resources. The first collaborative effort was a multimedia news release which was distributed Wednesday, April 15th.
The following link will take you to the release. http://www.prnewswire.com/mnr/aicpa/32746/
APRIL 15, 2008
ASEC CHAIRMAN DALLAS SALISBURY TESTIMONY ON FINANCIAL LITERACY
Dallas Salisbury , president and CEO of the nonpartisan Employee Benefit Research Institute (EBRI) and chairman of the American Savings Education Council (ASEC) testified April 15 before the House Committee on Financial Services on “Financial Literacy and Education: The Effectiveness of Governmental and Private Sector Initiatives.”
Salisbury ’s testimony focuses on the challenges facing financial education programs.
Excerpt: “ The most powerful messages that individuals receive each day are to spend, and if need be, to borrow to do so. The government is about to send out ‘stimulus’ tax checks with the request they be used for more consumption. Better that they be used to pay down debt or fund an IRA if the objective is long term financial security. The current ‘mortgage’ crisis is a direct result of our society having been so dedicated to borrowing and spending and growth that it made it possible for people to borrow well beyond what we now know was advisable. Yet, public and private policy not only made it possible, it made it seem the ‘thing to do’ as home ownership was touted as the ‘ultimate good’, as opposed to, for example, savings and thrift.”
For a copy of the full text go to “Financial Literacy and Education: The Effectiveness of Governmental and Private Sector Initiatives.”
APRIL 9, 2008
THE 18TH ANNUAL RETIREMENT CONFIDENCE SURVEY
Reflecting the growing concern over health care costs and economic issues, American workers' confidence in being able to afford a comfortable retirement decreased over the past year by a rate unmatched in the 18 years of the Retirement Confidence Survey® (RCS), according to results released today.
The percentage of workers very confident about having enough money for a comfortable retirement decreased sharply, from 27 percent in 2007 to 18 percent in 2008, the biggest one-year drop in the 18-year history of the survey. Retiree confidence in having a financially secure retirement also decreased, from 41 percent to 29 percent, a drop of 12 percentage points. Decreases in confidence occurred across all age groups and income levels but was particularly acute among younger workers and those with lower income.
To obtain more results from the survey go to the following web site 2008 Retirement Confidence Survey
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