Dear Colleague:"The Golden Retirement Years" has been presented as a goal for all Americans in recent decades. More retirees now achieve this goal than at any other time in our nation's history. They have achieved it as a result of savings that built upon the base of income provided by Social Security. The supplements came from both personal savings and employer pension savings. The need to save is greater than ever before. We are living longer. More of us are living longer. We have better health care than ever available to us, but the technological wonders of modern medicine are also more expensive. And, the need to save for the costs of health insurance in retirement continue to be better understood.

The "floor" of Social Security provides only a modest benefit for many, and it may be more modest in the future. As a balance, our employers are providing us better opportunities to build our savings, but we must take full advantage of the opportunities.

The nation is entering into a candid discussion of the future of social security, Medicare, and pensions, with the need for personal savings being stressed more than at any time in the past. The growing realization that we change jobs often, and that few of us ever spent a full career with one employer, has underlined the need to save and plan.

The American Savings Education Council (ASEC) was established to take these messages to the population at large, letting individuals know what they can expect from others and what they must do themselves if they want golden years. ASEC grew out of discussions between representatives of the U.S. Department of Labor and EBRI in the Fall of 1994; initial meetings of a "clearinghouse" group were held in early 1995; and in July 1995 the savings education effort was announced and ASEC launched. The formal strategic plan was adopted in November 1995. ASEC was established as a legal part of The Employee Benefit Research Institute Education and Research Fund (EBRI-ERF), a 501(c)(3) organization, with initial funding provided by The Employee Benefit Research Institute (EBRI).

I am pleased that the Employee Benefit Research Institute was one of several founding partners of the American Savings Education Council. Through the collective efforts of ASEC's institutional partners, we hope to have a significant impact on savings and economic security as we help Americans save and plan for the future. I invite you to join ASEC in this crusade.

Sincerely,

Ken McDonnell

Director, American Savings Education Council
Chairman ASEC's Policy Board