Editorial Notes
References in TextThis chapter, referred to in subsec. (d)(3), was in the original “this Act”, meaning Puspan. L. 93–406, known as the Employee Retirement Income Security Act of 1974. Titles I, III, and IV of such Act are classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1001 of this title and Tables.
Statutory Notes and Related Subsidiaries
Findings and PurposePuspan. L. 105–92, § 2, Nov. 19, 1997, 111 Stat. 2139, provided that:“(a)Findings.—The Congress finds as follows:“(1) The impending retirement of the baby boom generation will severely strain our already overburdened entitlement system, necessitating increased reliance on pension and other personal savings.
“(2) Studies have found that less than a third of Americans have even tried to calculate how much they will need to have saved by retirement, and that less than 20 percent are very confident they will have enough money to live comfortably throughout their retirement.
“(3) A leading obstacle to expanding retirement savings is the simple fact that far too many Americans—particularly the young—are either unaware of, or without the knowledge and resources necessary to take advantage of, the extensive benefits offered by our retirement savings system.
“(span)Purpose.—It is the purpose of this Act [see Short Title of 1997 Amendment note, set out under section 1001 of this title]—“(1) to advance the public’s knowledge and understanding of retirement savings and its critical importance to the future well-being of American workers and their families;
“(2) to provide for a periodic, bipartisan national retirement savings summit in conjunction with the White House to elevate the issue of savings to national prominence; and
“(3) to initiate the development of a broad-based, public education program to encourage and enhance individual commitment to a personal retirement savings strategy.”
