"A year ago, the story was our nation's low savings rate," Grassley said. "Today, the news is agreater awareness of the need for retirement savings, and more innovative programs to helpAmericans put away money for their later years. The message is, it can be done."
Grassley's comments came today after a hearing titled "Learning to Save: Innovations in the Pursuitof Income Security." The hearing occurred one year after the first National Summit on RetirementSavings. Created by legislation Grassley offered, the summit explored ways to remedy low savingsrates.
Hearing witnesses highlighted initiatives by the government, private sector organizations andcompanies that encourage retirement savings. Two witnesses discussed Money 2000, an educationalprogram that organizers say has helped about 7,000 people in more than 30 states increase their networth by $3 million.
Barbara Culpepper of Waterloo, Iowa, testified that Money 2000 has helped her save money towardher financial goals by encouraging fiscal discipline. Since January 1998, the 1,100 Iowans enrolledin Money 2000 report savings of $700,615 and debt repayment of $424,272.
In the private sector, a witness from the Principal Financial Group explained the services that thecompany provides to plan sponsors to encourage employees' plan participation.
A public sector representative, Sen. Bob Graham (D-Fla.), encouraged the adoption of pensionreforms contained in the bill he and Grassley have offered, the Pension Coverage and PortabilityAct, S. 741. The bill is meant to encourage employers to offer pensions by simplifying pension laws.
Grassley said he hopes to see continued progress toward retirement savings before the nextretirement savings summit in 2001.
"No one wants to worry about paying the bills in retirement," Grassley said. "With the rightplanning, and some needed legislation passing in Congress, a sound financial future is well withinreach."