Summary: H.R.1377 — 105th Congress (1997-1998)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed Senate amended (11/07/1997)

Savings Are Vital to Everyone's Retirement Act of 1997 - Amends the Employee Retirement Income Security Act of 1974 to direct the Secretary of Labor to maintain an ongoing program of outreach to the public to effectively promote retirement income savings by workers through: (1) public service announcements; (2) public meetings; (3) educational materials; and (4) a permanent site on the Internet. Includes among the information to be disseminated through such program: (1) a description of the common types of retirement income savings arrangements available to both individuals and employers, including small businesses; (2) a means for individuals to calculate their estimated retirement savings needs; and (3) an explanation for employers of how to establish and maintain different retirement savings arrangements for their workers.

Directs the President to convene a National Summit on Retirement Income Savings, no later than July 15, 1998, and again in September 2001 and September 2005. Authorizes appropriations. Limits the Department of Labor's FY 1998 obligation for the National Summit to one-half its costs, or $250,000, whichever is less, with the balance to be made up by an organization of private sector businesses and associations partnered with Government entities to promote long-term financial security in retirement through savings.