Nationwide, Mayors Doubleteam on Retirement Savings

April 20, 2009 (PLANSPONSOR.com) - Retirement savers might be getting a little encouragement from City Hall.

For the second year, Nationwide Retirement Solutions (NRS) and the U.S. Conference of Mayors (USCM) are asking mayors across the country to support the Save for Retirement Initiative and encourage city workers to participate in their deferred compensation program.

“Workers are facing tough financial choices on a day-to-day basis and retirement may be one of the last things on their mind,” said Tom Cochran, Executive Director and CEO of the Conference, in a press release announcing the initiative. “Our goal is to provide mayors with tools and resources to help them emphasize the importance of retirement planning and the benefits of contributing to a deferred compensation plan.”

Last year, 153 mayors from 39 states pledged their support for the campaign. Many mayors also took advantage of the resources in the USCM Mayor’s Toolkit available exclusively at www.usmayors.org/saveforretirement .

To Dos

The toolkit includes new content for 2009 and will be updated throughout the year.  As part of the 2009 Save for Retirement Initiative, NRS and USCM are asking mayors to:

1. Sign the Pledge, which is their commitment to actively promote Save for Retirement in their city (Mayors can sign the pledge at www.usmayors.org/saveforretirement )

2. Reach out to employees to promote the importance and benefits of saving for retirement through a deferred compensation program tailored for public employees

3. Promote city-sanctioned informational workshops for employees that are conducted by their city’s deferred compensation provider

“The economic turmoil has highlighted the need for workers to take an active role in managing their personal finances, and retirement planning is an important part of that equation,” said Matt Riebel, president of NRS, in the announcement. “By participating in this campaign, mayors can have a positive impact on their employees’ retirement preparedness and help their city retain and attract highly-qualified workers.”

The 2009 Save for Retirement Initiative is open to any deferred compensation program, regardless of whether Nationwide is their service provider.

For more information, including a complete listing of mayors who have signed the pledge, contact Kathryn Kretschmer-Weyland with the U.S. Conference of Mayors at 301-460-5251 or online at www.usmayors.org/saveforretirement .

The U.S. Conference of Mayors is the official nonpartisan organization of cities with populations of 30,000 or more. There are 1,139 such cities in the country today. More information about the Conference is available at usmayors.org.

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