ASEC is a national coalition of public- and private-sector institutions committed to making saving and retirement planning a priority for all Americans. ASEC is a program of the Employee Benefit Research Institute Education and Research Fund (EBRI-ERF), a 501©(3) non-profit organization (www.ebri.org). ASEC does not lobby or take positions on public policy proposals.
Americans need a financial security roadmap in order to build the resources they will need for retirement. In the face of reductions in Social Security, Medicare, pensions and retiree health insurance, plus a longer lifespan, individuals need to know more about both accumulation and how to make savings last a lifetime. Against this need, savings in the United States has plummeted since 1970. Recent government statistics indicate that the national savings rate was only 1.4 percent in 2004, among the lowest in the developed world. A quarter of Americans are doing better than this number suggests, but the remaining three-quarters need a plan for financial security. Employers have a greater stake in promoting savings and retirement planning than ever before. With the government playing a more significant role in determining how employers will be able to meet this objective, ASEC brings them together in a partnership. According to the RCS, workers are more likely to save through the workplace than on their own. Consequently, employers that educate their workers about saving and retirement, and encourage them to sign up for work-based plans, will be the most successful in attracting, retaining, and retiring workers.