SCHWARTZ RECEIVES AWARD FOR WORK ON ENCOURAGING SAVING FOR RETIREMENT

September 13, 2010

FOR IMMEDIATE RELEASE CONTACT: Tali Israeli, 202-225-6111
September 13, 2010

SCHWARTZ RECEIVES AWARD FOR WORK ON ENCOURAGING SAVING FOR RETIREMENT

Washington, D.C. – U.S. Rep. Allyson Schwartz addressed the National Association of Government Defined Contribution Administrators (NAGDCA) this morning to discuss the importance of saving for retirement. At NAGDCA's 2010 annual conference, “Retirement: Life, Liberty and the Pursuit of Happiness,” the Congresswoman was presented with an award for her work in Congress to raise awareness on this issue.

In July 2010, Congress passed Schwartz's National Save for Retirement Week Resolution, which designates October 17 through October 23 as “Save for Retirement Week.” Previous resolutions introduced by Schwartz were passed by the House of Representatives in 2007, 2008, and 2009.

“I am honored to be recognized by NAGDCA on an issue as important as financial security and saving for one's retirement,” Schwartz said. “While Social Security is the bedrock of retirement security and we must renew our commitment to this guaranteed benefit, it was never intended to the sole source of retirement income for Americans. Given today's economic conditions, it is more important than ever to raise public awareness of this issue and work together to ensure the continued security of employee retirement savings programs.”

In addition to National Save for Retirement Week, Schwartz has also co-introduced legislation with Ways and Means Committee Select Revenue Measures Subcommittee Chairman Richard Neal that will instantly put savings at the forefront for all American workers. The Automatic IRA bill will automatically enroll millions of Americans, particularly young and low-income workers with no access to workplace savings, into individual retirement accounts ensuring that they do not skip over this important need.

“With people in the United States living longer and the cost of retirement continuing to rise, Representative Schwartz's work on retirement issues is critical and NAGDCA will present her with a plaque at the annual conference to recognize her efforts in this area,” said Ed Lilly, NAGDCA President.

NAGDCA is the country's leading organization of defined contributed retirement plan administrators and financial service providers. It represents nearly ever stated deferred compensation plan, as well as numerous other governmental and public sector defined contribution plans, and over 150 companies in the financial services industry. Its mission is to focus on retirement planning for public sector employees participating in 457b, 403b, 401a, and 401k retirement plans.

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