‘‘(D) savings principles,
‘‘(E) the importance of prudence and diver-
sification in investing,
‘‘(F) the importance of the timing of invest-
ments, and
‘‘(G) the impact on retirement savings of
life’s uncertainties, such as living beyond one’s
life expectancy.
‘‘(d) ESTABLISHMENT OF SITE ON THE 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 re-
tirement income goal as a percentage of their pre-
retirement income;
‘‘(2) a description in simple terms of the com-
mon types of retirement income savings arrangements
available to both individuals and employers (specifi-
cally including small employers), including informa-
tion 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 projec-
tions, and a directory of resources of more descriptive
information;
‘‘(3) materials explaining to employers in simple
terms how to establish and maintain different retire-
ment savings arrangements for their workers and
what the basic legal requirements are under this Act
and the Internal Revenue Code of 1986;
‘‘(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 or-
ganizations that provide additional detail on retire-
ment 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.’’.
(b) CONFORMING AMENDMENT.—The table of contents
in section 1 of such Act is amended by inserting after the
item relating to section 514 the following new items:
‘‘Sec. 515. Delinquent contributions.
‘‘Sec. 516. Outreach to promote retirement income savings.’’.
SEC. 4. NATIONAL SUMMIT ON RETIREMENT SAVINGS.
(a) IN GENERAL.—Part 5 of subtitle B of title I of
the Employee Retirement Income Security Act of 1974 (as
amended by section 3 of this Act) is amended further by
adding at the end the following new section:
‘‘NATIONAL SUMMIT ON RETIREMENT SAVINGS
‘‘SEC. 517. (a) AUTHORITY TO CALL SUMMIT.—Not
later than June 1, 1998, the President shall convene a Na-
tional Summit on Retirement Income Savings at the White
House, to be co-hosted by the President and the Speaker
and the Minority Leader of the House of Representatives
and the Majority Leader and Minority Leader of the Sen-
ate. 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 under-
standing of retirement savings and its critical impor-
tance to the future well-being of American workers
and their families;
‘‘(2) facilitate the development of a broad-based,
public education program to encourage and enhance
individual commitment to a personal retirement sav-
ings strategy;
‘‘(3) develop recommendations for additional re-
search, reforms in public policy, and actions in the
field of retirement income savings; and
‘‘(4) disseminate the report of, and information
obtained by, the National Summit and exhibit mate-
rials and works of the National Summit.
‘‘(b) PLANNING AND DIRECTION.—The National Sum-
mit 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 in-
clude the assignment of personnel. The Secretary shall, in
planning and conducting the National Summit, consult
with the congressional leaders specified in subsection (e)(2).
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 busi-
nesses and associations partnered with Government entities
to promote long-term financial security in retirement
through savings (including for 1998, and thereafter as the
Secretary may deem appropriate, the American Savings
Education Council).
‘‘(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 un-
derstanding of retirement savings and its critical im-
portance to the future well-being of American workers
and their families;
‘‘(3) to facilitate the development of a broad-
based, public education program to encourage and en-
hance individual commitment to a personal retire-
ment savings strategy;
‘‘(4) to identify the problems which hinder work-
ers from setting aside adequate savings for retirement;
‘‘(5) to identify the barriers which impede em-
ployers, especially small employers, from assisting
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 par-
ticipation in company savings options;
‘‘(7) to examine the impact and effectiveness of
government programs at the Federal, State, and local
levels to promote retirement income savings;
‘‘(8) to develop such specific and comprehensive
recommendations for the legislative and executive
branches of the Government and for private sector ac-
tion as may be appropriate for promoting retirement
income savings among American workers; and
‘‘(9) to develop recommendations for the coordi-
nation of Federal, State, and local policies among the
Federal, State, and local levels of government and for
the coordination of such policies (including any solu-
tions for Federal, State, and local needs devised at the
Federal, State, and local levels) with the efforts of the
private sector to meet such needs, and to identify the
appropriate authority and entities to implement such
recommendations.
‘‘(d) SCOPE OF NATIONAL SUMMIT.—The scope of the
National Summit shall consist of issues relating to individ-
ual and employer-based retirement savings and shall not
include issues relating to the old-age, survivors, and disabil-
ity insurance program under title II of the Social Security
Act.
‘‘(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 re-
tirement savings;
‘‘(B) Members of Congress and officials in
the executive branch;
‘‘(C) representatives of State and local gov-
ernments;
‘‘(D) representatives of private sector insti-
tutions, including individual employers, con-
cerned about promoting the issue of retirement
savings and facilitating savings among Amer-
ican workers; and
‘‘(E) representatives of the general public.
‘‘(2) STATUTORILY REQUIRED PARTICIPATION.—
The participants in the National Summit shall in-
clude 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;
and
‘‘(F) the parties referred to in subsection
(b).
‘‘(3) ADDITIONAL PARTICIPANTS.—There shall be
not more than 400 additional participants. Of such
additional participants—
‘‘(A) one-fourth shall be appointed by the
Speaker of the House of Representatives;
‘‘(B) one-fourth shall be appointed by the
Minority Leader of the House of Representatives;
‘‘(C) one-fourth shall be appointed by the
Majority Leader of the Senate; and
‘‘(D) one-fourth shall be appointed by the
Minority Leader of the Senate.
Such remaining participants shall be selected without
regard to political affiliation or past partisan activ-
ity and shall be representative of the diversity of
thought in the fields of employee benefits and retire-
ment income savings.
‘‘(4) PRESIDING OFFICERS.—The National Sum-
mit shall be presided over equally by representatives
of the executive and legislative branches.
‘‘(f) NATIONAL SUMMIT ADMINISTRATION.—
‘‘(1) ADMINISTRATION.—In administering this
section, the Secretary shall—
‘‘(A) request the cooperation and assistance
of such other Federal departments and agencies
and other parties referred to in subsection (b) as
may be appropriate in the carrying out of this
section;
‘‘(B) furnish all reasonable assistance, in-
cluding financial assistance, to State agencies,
area agencies, and other appropriate organiza-
tions to enable them to organize and conduct
conferences in conjunction with the National
Summit;
‘‘(C) make available for public comment a
proposed agenda for the National Summit that
reflects to the greatest extent possible the pur-
poses for the National Summit set out in this
section;
‘‘(D) prepare and make available back-
ground materials for the use of participants in
the National Summit that the Secretary consid-
ers necessary; and
‘‘(E) appoint and fix the pay of such addi-
tional personnel as may be necessary to carry
out the provisions of this section without regard
to provisions of title 5, United States Code, gov-
erning appointments in the competitive service,
and without regard to chapter 51 and subchapter
III of chapter 53 of such title relating to classi-
fication and General Schedule pay rates.
‘‘(2) DUTIES.—The Secretary shall, in carrying
out the responsibilities and functions of the Secretary
under this section, and as part of the National Sum-
mit, ensure that—
‘‘(A) the National Summit shall be con-
ducted in a manner that ensures broad partici-
pation of Federal, State, and local agencies and
private organizations, professionals, and others
involved in retirement income savings and pro-
vides a strong basis for assistance to be provided
under paragraph (1)(B);
‘‘(B) the agenda prepared under paragraph
(1)(C) for the National Summit is published in
the Federal Register; and
‘‘(C) the personnel appointed under para-
graph (1)(E) shall be fairly balanced in terms of
points of views represented and shall be ap-
pointed without regard to political affiliation or
previous partisan activities.
‘‘(g) REPORT.—The Secretary shall prepare a report
describing the activities of the National Summit and shall
submit the report to the President, the Speaker and Minor-
ity Leader of the House of Representatives, the Majority
and Minority Leaders of the Senate, and the chief executive
officers of the States not later than 90 days after the date
on which the National Summit is adjourned.
‘‘(h) DEFINITION.—For purposes of this section, the
term ‘State’ means a State, the District of Columbia, the
Commonwealth of Puerto Rico, the Commonwealth of the
Northern Mariana Islands, Guam, the Virgin Islands,
American Samoa, and any other territory or possession of
the United States.
‘‘(i) AUTHORIZATION OF APPROPRIATIONS.—
‘‘(1) IN GENERAL.—There is authorized to be ap-
propriated for fiscal years beginning on or after Octo-
ber 1, 1997, such sums as are necessary to carry out
this section.
‘‘(2) RELIANCE ON PRIVATE CONTRIBUTIONS.—
The Secretary may accept private contributions, in
the form of money, supplies, or services, to defray the
costs of the National Summit. The Secretary shall en-
sure, to the extent practicable, that at least one-half
of the funds available to the Secretary for each fiscal
year to carry out the provisions of this section consist
of such private contributions.
‘‘(j) CONTRACTS.—The Secretary may enter into con-
tracts to carry out the Secretary’s responsibilities under this
section, but only to the extent, or in such amounts, as are
provided in advance in appropriations Acts.’’.
(b) CONFORMING AMENDMENT.—The table of contents
in section 1 of such Act (as amended by section 3 of this
Act) is amended further by inserting after the item relating
to section 516 the following new item:
‘‘Sec. 517. National Summit on Retirement Savings.’’.
(c) AUTHORIZATION OF APPROPRIATIONS FOR FISCAL
YEAR 1998.—Notwithstanding subsection (i) of section 517
of the Employee Retirement Income Security Act of 1974
(added by this section), the amount authorized to be appro-
priated for fiscal year 1998 to carry out such section is
an amount equal to $1,000,000.