By now, you’ve probably heard the shocking numbers behind the retirement crisis. One-third of Americans have $1,000 or less saved for retirement, and nearly one in two Americans anticipate they will not have enough money to retire. Luckily, retirement education and planning are now receiving much stronger government support. The National Association of Government Defined Contribution Administrators (NAGDCA) announced in October that the U.S. Senate unanimously approved a bipartisan resolution, S. Res. 654, supporting the goals and ideals of National Retirement Security Week (NRSW).
NRSW is a national effort to raise public awareness about the importance of saving for retirement. It is held annually during the third week of October. The Senate first passed a resolution for NRSW in 2006 at NAGDCA’s request and has supported the initiative every year since. Securing passage of the NRSW resolution by the Senate was one of NAGDCA’s top legislative priorities for 2018.
In the resolution, the Senate calls on states, local governments, school districts, universities, nonprofit organizations, businesses and others to observe NRSW, “with appropriate programs and activities, with the goal of increasing the retirement savings and personal financial literacy of all people in the United States, thereby enhancing the retirement security of the people of the United States.”
Why is this important?
Traditional pension plan and Social Security benefits have long been the backbone of most workers’ incomes in retirement. However, many financial experts agree that pensions and Social Security may not provide enough post-retirement income. Longer life spans and rising costs, especially for health care, have changed the retirement outlook for many workers. NRSW provides an opportunity for plan sponsors to share resources with participants about their retirement options.
To this end, NAGDCA continues to develop and promote free, ready-to-use communication materials for plan sponsors to use with their employees, and employees can share with their family and friends. This year, NAGDCA’s “Your Whole Story” NRSW campaign and new Retirement Garden Edition video series applied “behaviorally effective” communication techniques to engage participants in becoming aware of their role in preparing for retirement.
Take advantage of this award-winning campaign!
If you missed 2018’s NRSW campaign, you can still utilize its resources as a channel to promote strong retirement saving strategies with your employees year-round.
“Your Whole Story” materials can be accessed any time, used generically or customized, and implemented in digital or printed form. Additionally, the Retirement Garden Edition video series addresses retirement savings considerations for employees early-, mid- and late-career.
According to Cindy Rehmeier, CFP, NAGDCA Executive Board President, “Communication directed specifically at individual needs can be a huge lever for change. The ‘Your Whole Story’ campaign and Retirement Garden Edition video series engage employees in the many facets of saving for retirement without using fear tactics, which have been proven to turn off employees from taking the actions necessary to secure their financial future.”
There is no question that retirement security is good for Americans, employers, and our nation as a whole. By supporting this initiative, you can provide employees with the information they need to become adequately prepared for a secure retirement.
[x_alert type=”info”]Jennifer Norr is vice president, customer marketing, for CUNA Mutual Group, the leading provider of insurance and financial services to credit unions and their members. In this role, Jennifer is responsible for converting, engaging, and retaining over 20 million consumer customers of CUNA Mutual Group. Contact her at firstname.lastname@example.org.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis[/x_alert]