By Kathryn Kretschmer-Weyland
February 2, 2009

Economic Crisis Casts Spotlight on Save for Retirement Campaign

By Kathryn Kretschmer-Weyland

As cities grapple with the global economic crisis, mayors are increasingly concerned about whether their city workers are adequately preparing for their retirement by using the deferred compensation options available to them through companies like Nationwide. At the 77th Winter Meeting of The U. S. Conference of Mayors, Conference President Miami Mayor Manny Diaz and Nationwide Vice President for Strategic Relationships Louie Watson addressed the mayors on the importance of deferred compensation for city workers, as well as the long-standing relationship that USCM has with Nationwide as a special Platinum Partner.

"Nationwide has been on our side for some 30 years with the U.S. Conference of Mayors," Diaz said as he introduced Watson during the program. "They have been helping city workers save for retirement by utilizing their extensive knowledge of public sector retirement plans, which makes them the leader in 457 deferred compensation plans." Diaz also conveyed Miami's own experience, where they enjoy a huge 86 percent participation rate among their city workers in the Nationwide deferred compensation program.

"Sixty-one percent of households in the United States are in jeopardy of not having enough money for retirement," Watson said. "That is an alarming statistic, but we believe that America's mayors are in a unique position to reverse that trend by encouraging their workers to capitalize on deferred compensation programs offered by their cities. And, one of the best parts is that it costs the city nothing to drive enrollment and savings into these deferred comp programs. It is all upside for everyone."

Watson highlighted the first USCM/Nationwide Save for Retirement Campaign that took place throughout last year, which led up to the National Save for Retirement Week last October. As part of the program, spearheaded for USCM by Stamford (CT) Mayor Dannel Malloy, more than 150 mayors signed a pledge to promote saving for retirement among city workers, sponsor workshops and engage in other activities to increase participation.

Watson also reported that the campaign won a national award from the National Association of Government Deferred Compensation Administrators (NAGDCA) for its campaign and the toolkit, made available to the mayors through numerous e-mail blasts from Conference CEO and Executive Director Tom Cochran and through the USCM website.

The success of the 2008 campaign led USCM and Nationwide to join forces once again to develop and launch a 2009 program, which will culminate in National Save for Retirement Week in October. Both Diaz and Watson encouraged more mayors to go to the USCM website at www.usmayors.org to sign the pledge, and urged everyone to download the toolkit that is currently posted on the site.

Questions about the program should be directed to Kathryn Kretschmer-Weyland at 301-351-4350 or kweyland@usmayors.org.