NATIONAL SAVE FOR RETIREMENT WEEK

WHEREAS, there are significant mega-trends facing our municipal employees as they plan for retirement, including the rising costs of retirement, the increased lifespan of retirees, and the capacity of Social Security to cover costs; and

WHEREAS, municipal employees have an opportunity to save for retirement in deferred compensation plans that help reduce tax burdens during retirement and increase a retiree’s financial resources; and

WHEREAS, only 34% of eligible public-sector workers participate in their deferred compensation plan compared to 70% among private-sector employees; and

WHEREAS, all municipal workers can benefit from increased awareness of the need to save for retirement and the availability of tax-advantaged retirement savings vehicles to help them in saving for retirement,

NOW, THEREFORE, BE IT RESOLVED, that The U.S. Conference of Mayors--

• supports National Save for Retirement Week, designated by Congress from October 19 to October 25, 2008;

• supports the goals and ideals of National Save for Retirement Week, including raising municipal employee awareness about the importance of adequate retirement savings and the availability of 457 deferred compensation programs; and

• calls upon all mayors to actively promote retirement savings among municipal employees, open their cities to workshops by qualified deferred compensation companies to help employees understand the importance of saving for retirement and the tools and options available to them, and actively promote National Save for Retirement Week in conjunction with the U.S. Conference of Mayors in the months leading up to and during the week.