People are sometimes surprised to learn that the Department of Labor plays a role with retirement plans, investments, IRAs and savings. My agency, the Employee Benefits Security Administration (EBSA), is charged by law with protecting the retirement, health, and other related workplace benefits of private sector workers and retirees nationwide. These plans cover more than 140 million U.S. workers and their families and total more than $6 trillion in assets.
Just as the Department of Labor is concerned with ensuring safe and healthful working conditions or that workers can keep their job if they take leave to care for a sick family member, EBSA protects workers’ access to the retirement and health benefits they’ve earned.
There is a lot of research and many resources available to help Americans better prepare for a secure retirement. As part of this effort, I have launched a new biweekly retirement security email update. It is short, but a way to share tools and materials available from my agency and other reputable noncommercial organizations whose missions are to educate Americans about the importance of saving for a secure retirement and how to get there.
In short, it is about what you need to know before it’s too late. Sign up and join more than 50,000 other subscribers who receive educational materials about retirement plans, notices about public events, and updates about policies that protect retirement savings.
I hope you will find it useful and will want to share it with family members, friends, coworkers, and others. The more people we can reach with information about retirement savings, the more likely we will see increased numbers of Americans better prepared for when they leave the workforce.
Phyllis Borzi is the assistant secretary of labor for employee benefits security.