WASHINGTON (AP) _ President Clinton signed a law Thursday designed to encourage more Americans to save money for retirement.
The SAVER Act _ the acronym stands for Savings Are Vital to Everyone’s Retirement _ sets up a public-private partnership to plan and conduct national meetings on retirement income savings, beginning next year.
Other such meetings will be staged in 2001 and 2005. Clinton will play host at the meetings, along with Democratic and Republican congressional leaders. The gatherings are to identify problems that workers have in putting aside money for retirement and employers’ problems in establishing 401(k) and other programs to help them do so.
``I am particularly concerned about the savings of women, minority, and low and moderate income workers, for whom putting away money for retirement is often particularly difficult,″ Clinton said.
According to the White House, only about two-thirds of American workers who have a 401(k) retirement plans available at work take advantage of them.
``Two-thirds is simply not good enough,″ Clinton said. ``We have to do better.″