ASEC Mission: To make saving and retirement planning a priority for all Americans.
From the American Savings Education Council (ASEC):
- We realize this goal by educating the public about all aspects of financial security through our coalition of major public- and private-sector partners.
- For more about ASEC, download this brochure
November 19, 2009
Joint Economic Committee Hearing on Financial Regulatory Reform -- Nov 19th at 10:00 am EST
Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC,) will convene a hearing to examine how regulatory reform proposals designed by the Obama Administration and Congress will promote stability in our financial markets, prevent a recurrence of the recent financial crisis, and help improve the economy. The hearing entitled, “Financial Regulatory Reform: Protecting Taxpayers and the Economy,” will take place on Thursday, November 19, 2009 at 10:00 A.M. in Room 210 of the Cannon House Office Building. Treasury Secretary Timothy Geithner will testify to the role lax regulation or regulatory loopholes played in the financial crisis, and will address proposed regulatory changes that will promote job growth and economic stability.
WHAT: JEC Hearing, “Financial Regulatory Reform: Protecting Taxpayers and the Economy”
WHO: Treasury Secretary Timothy Geithner
WHEN: Thursday, November 19, 2009 10:00 am
WHERE: Room 210 Cannon House Office Building
A link to the hearing’s web site
November 19, 2009
Fidelity Survey on 401(k) Plans reporting 3rd Quarter 2009 Data
ASEC Partners Fidelity Investments released today, November 19th survey data on 3rd quarter 2009 trends in 401(k) plans.
Highlights:
- Account Balances Rise; 1-Year, 5-Year and 10-Year Investment Returns Turn Positive
- Employers Begin to Reinstate 401(k) Match as Economy Shows Signs of Improvement
Press Release dated November 19, 2009.
November 17, 2009
Fall 2009 FDIC Consumer News
No Safer Place for Your Money: Why the FDIC's Resources are Strong and Insured Deposits are "Absolutely Safe"
November 16, 2009
WSJ Article: "Have You Learned Your Lessons?"
The Wall Street Journal this weekend ran an article on retirement planning; Have You Learned Your Lessons? “The financial crisis supposedly has been a painful, but valuable, education about finances in later life. Let's see how much you've really taken away from the past year.” The link contains an interactive retirement readiness quiz.
The Ready for Retirement Quiz features the following research from the EBRI:
2009 Retirement Confidence Survey, co-sponsored by Mathew Greenwald & Associates
Tabulations of the income of the elderly
Savings needed for health care expenses in retirement
November 16, 2009
An AARP Solutions Forum on Saving Jobs in a Recession: How Work Sharing Can Help
What: Saving Jobs in a Recession: How Work Sharing Can Help.
When: Friday December 11, 2009 from 9:00 am to 11:00 am.
Where: AARP's Brickfield Center 601 E Street, NW Washington DC 20049
For more information.
November 13, 2009
Investors optimistic as they rebuild savings according to a Prudential Financial report
According to the report, The Impact of the Market Crisis on Retirement Preparedness, Americans are concerned--but have not pressed the panic button--when it comes to rebuilding their retirement nest egg. Prudential surveyed 1,001 Americans age 45 to 75 with $100,000 or more in retirement savings. The survey was administered online and had a margin of error of +/-3.1 percent. The survey found that, following the market turmoil:
- Investors estimate they lost more than a third of their assets.
- Yet, 62 percent of workers think they can grow back the money they lost in their workplace retirement plans, and more than two-thirds of this optimistic group thinks it will be within five years.
- Eight in 10 acknowledged a need to start rebuilding their savings after the recession.
- 73 percent of retirees say they are exploring new ways to grow their assets.
- Three-quarters said a product with guarantees for lifetime income, protection of principal, and opportunities to lock in market gains would be important or nice to have as part of their portfolio.
Press Release dated November 11, 2009.
November 13, 2009
Prudential Offers a Blueprint for Recasting DC Plans
In a report, Redefining Defined Contribution Plans to Enhance Retirement Security, Prudential Financial proposed a new model for the design, management and administration of DC plans, one that delivers an effective answer to the retirement-savings crisis now plaguing American workers.
Prudential's model focuses on four key elements that should be part of all future workplace-provided retirement programs:
- Autopilot retirement planning for participants, providing an automated and pre-defined path from their first day of employment through their retirement to help them achieve their retirement-planning goals;
- Built-in risk protection that helps mitigate fiduciary risk for plan sponsors, provides protection from market downturns for plan participants and helps ensure that participants receive a guaranteed stream of retirement income;
- Streamlined plan operations that automate and reduce the cost of plan administration, making DC plans more attractive and affordable for small firms; and
- Lifelong participant education and support through e-delivery and online tools.
Press Release dated October 27, 2009.
November 12, 2009
Webcast / Update from AARP Solutions Forums on Fraud and the Auto-IRA
A webcast of the October 22 AARP Public Policy Institute Solutions forum: 'Protecting Your Home, Car and Retirement Savings: How Consumers and Policy Makers Can Stop Financial Fraud' is available online at: www.nextgenweb.org/aarp.
A transcript of the event, held in collaboration with the National Consumers League is at:
http://assets.aarp.org/rgcenter/ppi/cons-prot/transcript_forum_091022.pdf.
A webcast of the October 26 AARP Public Policy Institute Solutions Forum: 'The Auto-IRA: Strategies for Successful Implementation' is available online at: www.nextgenweb.org/aarp.
A transcript of the event, held in collaboration with AARP International, is at:
http://assets.aarp.org/rgcenter/ppi/cons-prot/transcript_forum_091022.pdf.
October 30, 2009
Presentations from the Fall 2009 ASEC Partners Meeting
ASEC would like to wish you all a Happy Halloween with this short message on saving for retirement: The Horror Show: There's no escape from...the day you retire!!
PLEASE NOTE: Upcoming ASEC Partners’ meetings are scheduled for:
Wednesday, April 14, 2010
Wednesday, October 20, 2010
Please save those dates on your calendars. Thank You.
We have posted the presentations from the ASEC Partners Meeting. We are working on a report from the meeting and will get that out to you all shortly.
Fall 2009 Partners Meeting Agenda American Savings Education Council (ASEC) Wednesday, October 21, 2009
AARP Brickfield Center
601 E Street, NW
Washington, DC 20049
(202) 434-3525
I. Welcome – Dallas Salisbury, EBRI
II. Investment Company Institute Education Foundation Microgrants: Making a Difference in Washington, DC Metro Area – ICI Education Foundation
III. Finance Park: Helping Students Build Financial Skills for Life – Junior Achievement
IV. The Stock Market Game: Boosting Achievement in Math and Financial Literacy – Learning Point
Networking break
V. Turning Your Local Library into a Fount of Financial Education – FINRA
VI. A Consumer Financial Protection Agency: What It Might Mean to Consumers – Consumer Federation of America
VII. Partner Roundtable
October 29, 2009
"Broke and Famous" November 5th at 10/9c in VH1
VH1 will examine how someone as rich and famous as Willie Aames was during the '80s and '90s could end up in living in abject poverty only a few years later in this one-hour special profiling the calamitous financial situation of a celebrity. "Broke and Famous: Willie Aames" airs Thursday, November 5 at 10pm.
October 28, 2009
CONSUMER ALERT FROM FDIC -- E-mail Claiming to Be From the FDIC – October 26, 2009
The following comes from ASEC Partner, the Federal Deposit Insurance Corporation (FDIC). FDIC has requested that you share this information with all of your contacts. This information was obtained from FDIC’s web site http://www.fdic.gov/consumers/consumer/alerts/index.html.
The Federal Deposit Insurance Corporation (FDIC) has received numerous reports of a fraudulent e-mail that has the appearance of being sent from the FDIC.
The subject line of the e-mail states: “check your Bank Deposit Insurance Coverage.” The e-mail tells recipients that, "You have received this message because you are a holder of a FDIC-insured bank account. Recently FDIC has officially named the bank you have opened your account with as a failed bank, thus, taking control of its assets.”
The e-mail then asks recipients to “visit the official FDIC website and perform the following steps to check your Deposit Insurance Coverage” (a fraudulent link is provided). It then instructs recipients to “download and open your personal FDIC Insurance File to check your Deposit Insurance Coverage.”
This e-mail and associated Web site are fraudulent. Recipients should consider the intent of this e-mail as an attempt to collect personal or confidential information, some of which may be used to gain unauthorized access to on-line banking services or to conduct identity theft.
The FDIC does not issue unsolicited e-mails to consumers. Financial institutions and consumers should NOT follow the link in the fraudulent e-mail.
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