§ 1146 TITLE 29—LABOR Page 458

terms of the plan or under the terms of a collectively bargained agreement shall, to the extent

not inconsistent with law, make such contributions in accordance with the terms and conditions of such plan or such agreement.

(Pub. L. 93–406, title I, §515, as added Pub. L.

96–364, title III, §306(a), Sept. 26, 1980, 94 Stat.

1295.)

EFFECTIVE DATE

Section effective Sept. 26, 1980, except as specifically

provided, see section 1461(e) of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1132, 1401, 1451

of this title; title 38 section 4318.

§ 1146. Outreach to promote retirement income

savings

(a) In general

The Secretary shall maintain an ongoing program of outreach to the public designed to effectively promote retirement income savings by

the public.

(b) Methods

The Secretary shall carry out the requirements of subsection (a) of this section 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.

(c) Information to be made available

The information to be made available by the

Secretary as part of the program of outreach required under subsection (a) of this section shall

include the following:

(1) 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

(2) information regarding matters relevant

to establishing retirement income savings,

such as—

(A) the forms of retirement income savings;

(B) the concept of compound interest;

(C) the importance of commencing savings

early in life;

(D) savings principles;

(E) the importance of prudence and diversification in investing;

(F) the importance of the timing of investments; and

(G) the impact on retirement savings of

life’s uncertainties, such as living beyond

one’s life expectancy.

(d) Establishment of site on Internet

The Secretary shall establish a permanent site

on the Internet concerning retirement income

savings. The site shall contain at least the following information:

(1) a means for individuals to calculate their

estimated retirement savings needs, based on

their retirement income goal as a percentage

of their preretirement income;

(2) 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;

(3) 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 the Internal Revenue Code of 1986, including the

steps to establish each such arrangement;

(4) 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

(5) 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.

(e) Coordination

The Secretary shall coordinate the outreach

program under this section with similar efforts

undertaken by other public and private entities.

(Pub. L. 93–406, title I, §516, as added Pub. L.

105–92, §3(a), Nov. 19, 1997, 111 Stat. 2139.)

REFERENCES IN TEXT

This chapter, referred to in subsec. (d)(3), was in the

original ‘‘this Act’’, meaning Pub. L. 93–406, known as

the Employee Retirement Income Security Act of 1974.

Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of

this Act to the Code, see Short Title note set out under

section 1001 of this title and Tables.

The Internal Revenue Code of 1986, referred to in subsec. (d)(3), is classified generally to Title 26, Internal

Revenue Code.

FINDINGS AND PURPOSE

Section 2 of Pub. L. 105–92 provided that:

‘‘(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 [see Short

Title of 1997 Amendment note, set out under section

1001 of this title]—

‘‘(1) to advance the public’s knowledge and understanding of retirement savings and its critical impor-
Page 459 TITLE 29—LABOR § 1147

tance to the future well-being of American workers

and their families;

‘‘(2) to provide for a periodic, bipartisan national

retirement savings summit in conjunction 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.’’

§ 1147. National Summit on Retirement Savings

(a) Authority to call Summit

Not later than July 15, 1998, the President

shall convene a National Summit on Retirement

Income Savings at the White House, to be cohosted by the President and the Speaker and the

Minority Leader of the House of Representatives

and the Majority Leader and Minority Leader of

the Senate. Such a National Summit shall be

convened thereafter in 2001 and 2005 on or after

September 1 of each year involved. Such a National Summit shall—

(1) 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) facilitate the development of a broadbased, public education program to encourage

and enhance individual commitment to a personal retirement savings strategy;

(3) develop recommendations for additional

research, reforms, and actions in the field of

private pensions and individual retirement

savings; and

(4) disseminate the report of, and information obtained by, the National Summit and exhibit materials and works of the National

Summit.

(b) Planning and direction

The National Summit shall be planned and

conducted under the direction of the Secretary,

in consultation with, and with the assistance of,

the heads of such other Federal departments and

agencies as the President may designate. Such

assistance may include the assignment of personnel. The Secretary shall, in planning and

conducting the National Summit, consult with

the congressional leaders specified in subsection

(e)(2) of this section. The Secretary shall also, in

carrying out the Secretary’s duties under this

subsection, consult and coordinate with at least

one organization made up of private sector businesses and associations partnered with Government entities to promote long-term financial security in retirement through savings.

(c) Purpose of National Summit

The purpose of the National Summit shall be—

(1) to increase the public awareness of the

value of personal savings for retirement;

(2) 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;

(3) to facilitate the development of a broadbased, public education program to encourage

and enhance individual commitment to a personal retirement savings strategy;

(4) to identify the problems workers have in

setting aside adequate savings for retirement;

(5) to identify the barriers which employers,

especially small employers, face in assisting

their workers in accumulating retirement savings;

(6) to examine the impact and effectiveness

of individual employers to promote personal

savings for retirement among their workers

and to promote participation in company savings options;

(7) to examine the impact and effectiveness

of government programs at the Federal, State,

and local levels to educate the public about,

and to encourage, retirement income savings;

(8) to develop such specific and comprehensive recommendations for the legislative and

executive branches of the Government and for

private sector action as may be appropriate

for promoting private pensions and individual

retirement savings; and

(9) to develop recommendations for the coordination of Federal, State, and local retirement income savings initiatives among the

Federal, State, and local levels of government

and for the coordination of such initiatives.

(d) Scope of National Summit

The scope of the National Summit shall consist of issues relating to individual and employer-based retirement savings and shall not

include issues relating to the old-age, survivors,

and disability insurance program under title II

of the Social Security Act [42 U.S.C. 401 et seq.].

(e) National Summit participants

(1) In general

To carry out the purposes of the National

Summit, the National Summit shall bring together—

(A) professionals and other individuals

working in the fields of employee benefits

and retirement savings;

(B) Members of Congress and officials in

the executive branch;

(C) representatives of State and local governments;

(D) representatives of private sector institutions, including individual employers, concerned about promoting the issue of retirement savings and facilitating savings among

American workers; and

(E) representatives of the general public.

(2) Statutorily required participation

The participants in the National Summit

shall include the following individuals or their

designees:

(A) the Speaker and the Minority Leader

of the House of Representatives;

(B) the Majority Leader and the Minority

Leader of the Senate;

(C) the Chairman and ranking Member of

the Committee on Education and the Workforce of the House of Representatives;

(D) the Chairman and ranking Member of

the Committee on Labor and Human Resources of the Senate;

(E) the Chairman and ranking Member of

the Special Committee on Aging of the Senate;

(F) the Chairman and ranking Member of

the Subcommittees on Labor, Health and

Human Services, and Education of the Senate and House of Representatives; and