By Katie Logisz
July 12, 2004

During the recent Conference of Mayors Annual Meeting in Boston, Maggie Kwasny, Director of National Accounts for Nationwide Retirement Solutions, a Platinum Member of the United States Conference of Mayors, spoke to mayors, raising a "Fear Factor" challenge.

Kwasny began her report by asking the mayors if any were familiar with the television show Fear Factor. With a positive response from the crowd, Kwasny lifted a large jar with unidentifiable, inedible contents. She announced the idea for a spin-off of Fear Factor, involving mayors and their city employees, and focusing on the retirement of those employees. Kwasny asked if anyone would like to volunteer to eat what was in the jar. Once she had the mayors' attention, Kwasny presented some pretty alarming statistics.

According to Kwasny, there is a different type of "fear factor" that mayors and their employees should be aware of. She presented statistics that raise alarm about many public employees' abilities to depend on a quality retirement. One such statistic stated that, "48 percent of Americans fear that they will outlive their retirement savings." These people might be saving towards retirement, but the fear is that the amount saved will not be enough. An even more alarming statistic that was mentioned is that 40 percent of Americans are not saving at all for retirement. 55 percent of Americans are saving, but not on a regular basis. Kwasny stressed to mayors that these statistics are cause for action because they will affect public employees and citizens of the mayors' cities. Putting it all into context, Kwasny pointed out that "with the highest number of employees in our history barreling towards retirement, these figures will significantly impact your city, your city employees, and possibly even you!"

Despite the "fear factor" of the statistics presented, Kwasny pointed out that there is hope to improve the state of retirement for city employees. "Mayors," she said, "are in a position to do something about this, and the Conference, partnered with Nationwide Retirement Solutions, has already done a lot of work for you." Nationwide Retirement Solutions has been partnered with the United States Conference of Mayors for over 25 years, and has grown to be the largest deferred compensation provider. According to Kwasny, this growth is a result of, "continuously meeting, and exceeding, the goals of USCM and public employers and employees throughout the nation."

In concluding, Kwasny thanked the mayors of the more than 4,000 cities throughout the country that have already partnered with Nationwide Retirement Solutions and the United States Conference of Mayors to help public employees prepare for their retirements. She reiterated the commitment of Nationwide Retirement Solutions to make retirement education for all public employees the highest priority. She asked mayors who have not partnered with the Nationwide/United States Conference of Mayors program to look seriously at this program. Lastly, Kwasny stressed that mayors should be sure that education is an important component of their employees' retirement programs. By making sure that education is available, mayors and their employees can eliminate the "fear factor" in retirement and prepare wisely for life after public service.