FOR IMMEDIATE RELEASE

National Retirement Security Month aims to increase awareness and educate Americans about the importance of saving for retirement by investing in an employer-sponsored defined contribution plan

Lexington, KY, September 18, 2023—In anticipation of National Retirement Security Month 2023 in October, NAGDCA shared steps to help employers finalize and share their National Retirement Security Month promotions. NAGDCA is the premier professional association for plan administrators and services providers of government-sponsored defined contribution retirement plans.

Originally conceived by NAGDCA as a week to encourage retirement saving among government workers, NAGDCA’s effort has grown into National Retirement Security Month, a concerted nationwide effort to inspire American employees to save adequately for a secure retirement that is observed throughout the retirement industry during the month of October. It has received bipartisan Senate resolution since its conception in 2006.

During the remaining days of September, NAGDCA suggests plan sponsors:

  • Confirm their campaign communication plan and map out a timeline to share with staff
  • Finalize materials to be distributed; be sure to tie materials to activities to optimize effectiveness
  • Develop email marketing lists and coordinated messages
  • Catalyze buzz with regularly scheduled social media posts and emails

Additional guidance and resources may be accessed here.

Recent legislation aimed at making it easier for Americans to save more effectively for retirement attests both to growing concern about the insufficiency of Americans’ retirement savings and the value of NAGDCA’s vision.

The Federal Reserve’s Report on Economic Well-Being of U.S. Households in 2022 reveals that “Progress toward retirement savings goals declined in 2022:

  • Thirty-one percent of non-retirees thought their retirement savings plan was on track, down from 40 percent in 2021.
  • Building retirement savings can have implications for financial well-being later in life.
  • Seventy-nine percent of retirees said they were doing at least okay financially. However, retirees who received income from sources such as wages, pensions, or investments were much more likely to be doing at least okay financially than those who had no private income.”

“We’re thrilled with the attention retirement security is receiving and grateful to the many lawmakers who have championed and continue to advocate for legislation aimed at strengthening Americans’ ability to save adequately for retirement,” said NAGDCA Executive Director Matt Petersen. “While not all of the recent legislation aimed at improving American’s retirement security is relevant for public sector plan sponsors, all of it speaks to the critical need for defined contribution retirement plans to more robustly support the retirement savings needs of American employees. Further, it powerfully validates NAGDCA’s original intention in creating National Retirement Security Month, which was—and remains—to raise awareness of the importance of saving adequately for retirement.”

“The ongoing efforts—of industry and lawmakers from both sides of the political aisle—for enhancing and promoting defined contribution retirement plans is indeed heartening and, becoming ever-more essential. Likewise, it’s essential for both private and public sector plan sponsors, and their record keepers, to recognize that they remain key to engaging employees and their ability to recognize the benefits proposed legislation promises,” Matt concluded.

About NAGDCA
NAGDCA provides education, information, and training in all aspects of public plan administration to support members in creating plans that enable secure retirement outcomes for their participants. National Retirement Security Week, originally conceived by NAGDCA to encourage retirement saving among government workers, has grown into National Retirement Security Month, a national effort to inspire American employees to save adequately for a secure retirement that is observed throughout the retirement industry during the month of October. It has received bipartisan Senate resolution since its conception in 2006. To learn more about NAGDCA, visit https://www.nagdca.org/.

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