FOR IMMEDIATE RELEASENC Department of State Treasurer Launches Employer-centric Retirement Readiness Initiative
RALEIGH, N.C. – The North Carolina Department of State Treasurer announced plans to help public employers assist their employees in planning for retirement through a Clinton Global Initiative two-year Commitment to Action.
“Many retirees struggle financially in retirement,” explained North Carolina Treasurer Janet Cowell. “The difficult truth is that many Americans are financially unprepared. Employers play a critical role in providing employees with the tools to effectively plan for retirement and that’s why employers are the focus of our efforts.”
Through the Financial Security in Retirement: Focus on Employers commitment, the North Carolina Department of State Treasurer will develop and implement education, tools, and techniques to help North Carolina public employers assist their employees in planning for retirement. The commitment will utilize a framework of education, engagement and empowerment.
“My office is in a unique position as the manager of the N.C. Total Retirement Plans to work with state agencies on this important initiative,” Cowell adds.
The commitment will begin with selected state agencies in the initial phase, with plans to reach all of the state agencies by 2018.
The typical American retires between 62 and 64, spending 25 or more years in retirement. While Social Security may replace up to 30 percent of pre-retirement income, it does not always fully fund an average retirement. Pensions and personal savings adequately supplement for some, but not all. Exacerbating this problem is the rising cost of healthcare, as it is estimated that a 65 year-old couple today will require $240,000 to cover their retirement medical expenses.
ABOUT THE NORTH CAROLINA RETIREMENT SYSTEMS
The North Carolina Retirement Systems, the formal name for the pension fund, is the tenth largest public pension fund in the country. It provides retirement benefits and savings for more than 900,000 North Carolinians, including teachers, state employees, firefighters, police officers and other public workers. For more information, visit www.nctreasurer.com
ABOUT CGI AMERICA
The Clinton Global Initiative (CGI), an initiative of the Clinton Foundation, convenes global leaders to create and implement solutions to the world’s most pressing challenges. Established in June 2011 by President Bill Clinton, the Clinton Global Initiative America (CGI America) addresses economic recovery in the United States. CGI America brings together leaders in business, government, and civil society to generate and implement commitments to create jobs, stimulate economic growth, foster innovation, and support workforce development in the United States. Since its first meeting, CGI America participants have made more than 400 commitments, which have improved the lives of nearly 1.4 million people.
CGI also convenes an Annual Meeting, which brings together global leaders to take action and create positive social change, CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their community or around the world, and, this year, CGI will also convene CGI Middle East & Africa, which will bring together leaders across sectors to take action on pressing social, economic, and environmental challenges. For more information, visit clintonglobalinitiative.org
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