Page:United States Statutes at Large Volume 111 Part 3.djvu/51

 PUBLIC LAW 105-92—NOV. 19, 1997 111 STAT. 2139 Public Law 105-92 105th Congress An Act To amend title I of the Employee Retirement Income Security Act of 1974 to Nov. 19, 1997 encourage retirement income savings. [H R 13771 Be it enacted by the Senate and House of Representatives of Savings Are Vital the United States of America in Congress assembled, to Everyone's Retirement Act SECTION 1. SHORT TITLE. 29 USC 1001 This Act may be cited as the "Savings Are Vital to Everyone's »»<«. Retirement Act of 1997". SEC. 2. FINDINGS AND PURPOSE. 29 USC 1146 (a) FINDINGS. — The Congress finds as follows: ^°^' (1) The impending retirement of the baby boom generation will severely strain our already overburdened entitlement system, necessitating increased reliance on pension and other personal savings. (2) Studies have found that less than a third of Americans have even tried to calculate how much they will need to have saved by retirement, and that less than 20 percent are very confident they will have enough money to live comfortably throughout their retirement. (3) A leading obstacle to expanding retirement savings is the simple fact that far too many Americans—^particularly the young—are either unaware of, or without the knowledge and resources necessary to take advantage of, the extensive benefits offered by our retirement savings system. (b) PURPOSE.— It is the purpose of this Act— (1) to advance the public's knowledge and understanding of retirement savings and its critical importance to the future well-being of American workers and their families; (2) to provide for a periodic, bipartisan national retirement savings summit in conjimction with the White House to elevate the issue of savings to national prominence; and (3) to initiate the development of a broad-based, public education program to encourage and enhance individual commitment to a personal retirement savings strategy. SEC. 3. OUTREACH BY THE DEPARTMENT OF LABOR. (a) IN GENERAL. — Part 5 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1131 et seq.) is amended by adding at the end the following new section:

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