29 U.S.C. § 1146 — Outreach to promote retirement income savings
submitted 29 years ago by Pub. L. 93-406 to r/title-29-LABOR · 465 words · no verdicts yet
The Secretary must run an ongoing public-outreach program promoting retirement-income savings. The program must communicate through several methods and maintain an Internet site with specified tools and information.
(a) In general. The Secretary* must maintain an ongoing public-outreach program designed to promote retirement-income savings effectively. (b) Methods. The Secretary must use effective communication methods, including public-service announcements, public meetings, educational materials, and an Internet site. (c) Information. The program must explain available ways for individuals and employers to create and maintain retirement savings, including simple explanations for employers of each vehicle’s features, operation, and setup steps. It must also cover forms of retirement savings, compound interest, the value of starting early, saving principles, prudence and diversification, investment timing, and how uncertainties such as living beyond life expectancy affect savings. (d) Internet site. The Secretary must create a permanent retirement-savings website containing at least: (1) a way to estimate needed savings from a retirement-income goal stated as a percentage of preretirement income; (2) simple descriptions of common arrangements for individuals and employers, including small employers, covering contribution amounts, tax treatment, possible accumulation under typical investments and interest-rate projections, and more-information resources; (3) simple materials for employers about arrangements, their operation, and basic requirements under this chapter and title 26, including setup steps; (4) Department of Labor educational materials and materials developed by other Federal agencies in consultation with it; and (5) links to government and nonprofit sites with more detail about retirement savings and related saving or investing. (e) Coordination. The Secretary must coordinate this program with similar public and private efforts.
The Secretary* shall maintain an ongoing program of outreach to the public designed to effectively promote retirement income savings by the public.
The Secretary shall carry out the requirements of subsection (a) by means which shall ensure effective communication to the public, including publication of public service announcements, public meetings, creation of educational materials, and establishment of a site on the Internet.
The information to be made available by the Secretary as part of the program of outreach required under subsection (a) shall include the following:
a description of the vehicles currently available to individuals and employers for creating and maintaining retirement income savings, specifically including information explaining to employers, in simple terms, the characteristics and operation of the different retirement savings vehicles, including the steps to establish each such vehicle; and
information regarding matters relevant to establishing retirement income savings, such as—
the forms of retirement income savings;
the concept of compound interest;
the importance of commencing savings early in life;
savings principles;
the importance of prudence and diversification in investing;
the importance of the timing of investments; and
the impact on retirement savings of life’s uncertainties, such as living beyond one’s life expectancy.
The Secretary shall establish a permanent site on the Internet concerning retirement income savings. The site shall contain at least the following information:
a means for individuals to calculate their estimated retirement savings needs, based on their retirement income goal as a percentage of their preretirement income;
a description in simple terms of the common types of retirement income savings arrangements available to both individuals and employers (specifically including small employers), including information on the amount of money that can be placed into a given vehicle, the tax treatment of the money, the amount of accumulation possible through different typical investment options and interest rate projections, and a directory of resources of more descriptive information;
materials explaining to employers in simple terms, the characteristics and operation of the different retirement savings arrangements for their workers and what the basic legal requirements are under this chapter and title 26, including the steps to establish each such arrangement;
copies of all educational materials developed by the Department of Labor, and by other Federal agencies in consultation with such Department, to promote retirement income savings by workers and employers; and
links to other sites maintained on the Internet by governmental agencies and nonprofit organizations that provide additional detail on retirement income savings arrangements and related topics on savings or investing.
The Secretary shall coordinate the outreach program under this section with similar efforts undertaken by other public and private entities.
Source credit: (Pub. L. 93–406, title I, § 516, as added Pub. L. 105–92, § 3(a), Nov. 19, 1997, 111 Stat. 2139.)
- 1997Enacted · Pub. L. 93-406 · 111 Stat. 2139
A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-406 on 1997-11-19.
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