WASHINGTON – There are four distinct groups who are having a hard time saving for retirement, but the obstacles are not insurmountable, U.S. Labor Secretary Elaine Chao told delegates at the recent National Summit on Retirement Savings. Chao was one of several speakers at the summit here March 1-2, along with Vice President Dick Cheney, U.S. Representative Michael Oxley (R-Ohio) and chairman of House Financial Services Committee among others. NAFCU Vice Chair John Milazzo, who is also president/CEO of $301 million Campus Federal Credit Union, was one of several delegates that spoke. On the agenda was discussing strategies to help meet savings goals faced by four groups: low-income workers, new entrants in the workforce, workers nearing retirement and small business employees. The delegates also shared specific case studies on financial savings and literacy. "The first baby boomers are turning 60 this year and that ought to cause several gray hairs among those concerned about retirement security in the decades to come," Chao told delegates. "Saving for a comfortable retirement takes time, dedication and careful planning and our mission at the Summit is to advance strategies that will prepare individuals for a secure and fulfilling retirement." Chao outlined President George W. Bush's agenda on pension reform and stressed the importance of access to professional investment advice to improve the choice, control and confidence workers have in their retirement saving plans. Other speakers at the summit included Ben Stein, renowned actor, economist, and financial expert; the Honorable Donald L. Evans, CEO, Financial Services Forum and former Secretary of Commerce; Senate Finance Chairman Charles Grassley (R-Iowa); and U.S. Senator Gordon Smith (R-Ore). -

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