The following is a cross-post from the America Saves blog, marking America Saves Week. http://americasaves.org/blog/353-some-savings-tips-and-our-boston-forum-for-women

In life, there are some simple bits of wisdom that become so familiar many of us risk overlooking them. When it comes to savings, “Set a goal, and then make a plan and stick to it,” is certainly one of them.”  I imagine you heard something very similar in early childhood – from a prudent grandparent, perhaps – the moment you earned your first dollar for a day’s chores. In an economy that’s beginning to show encouraging signs of revival, Americans have an opportunity to save more aggressively and so it’s vital that we recall those bits of wisdom about savings again.

As the head of the Employee Benefits Security Administration at the U.S. Department of Labor, I’m responsible for assisting the millions of Americans who are provided retirement benefits (such as 401(k) plans) through their private sector employer. As part of America Saves Week, we are hosting a public forum this weekend in Boston with the Center for Retirement Research at Boston College.  The forum, “Women and Retirement: What Every Woman Should Know Before It’s Too Late,” is a chance for us to help women understand what they can do now to adequately save for retirement.

While all people are welcome at the forum, we’re focusing on women since statistics show that women heading into retirement are at a distinct savings disadvantage when compared with men.  For instance, women are more likely to work in part-time jobs that don’t qualify for a retirement plan, and they’re also more likely to interrupt their careers to take care of family members therefore working fewer years and contributing less toward retirement.  Also, they tend to live longer than men creating a greater need for their retirement assets to last longer.  This forum is an opportunity for women to hear from some of the experts in the field of retirement planning about some of the most important savings decisions they face.

It is critical that you learn as much as you can about your savings options – such as through an employer-provided retirement plan – and your rights. More and more workers today are responsible for directing their own money into investments that will grow their savings through 401(k) accounts and Individual Retirement Accounts. You need the right tools to make the most of your investments.

The Department of Labor is committed to worker education and enforcement of benefits laws so the money you earn and save will be there for you when it’s time to retire. You can learn more by clicking on this link to my agency’s website here: http://www.dol.gov/ebsa/consumer_info_pension.html

In addition to learning all that you can on your own, you’ll likely need some outside guidance as well as you develop your savings plan. Your employer might provide a financial professional who can provide you with helpful guidance to help you make your nest egg grow, or you may seek one out on your own.  In selecting an advisor, it is very important that you select someone who is acting solely in your best interest and is legally bound to this standard of care.  If not, the advice you receive may not be as helpful to you as it otherwise could be, and in some cases, could be harmful.  So you can have peace of mind that the advice you receive is in your best interest, make sure you ask the advisor the following questions: 

• What is your experience?
• Are you willing to act as a fiduciary with a duty to act solely on my behalf and to disclose to me any conflicts of interest?
• Will you fully disclose in writing all fees, compensation and expenses – direct or indirect – that you or your firm receive from me – and who else is paying you to recommend products I buy from you?
• Are you willing to put this commitment in writing?
• Are you registered with the State, U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), or the Certified Financial Planning Board of Standards, and if so, then for how long?

Be careful if the person who would advise you on your financial decisions cannot or will not answer “yes” to each of the questions above, and it’s best to get their answers in writing.

If you’re in the Boston area, we would love to see you at our forum. If you’re outside of the Boston area, I encourage you to explore the opportunities provided during America Saves Week and find out what resources are available to help you get on track toward a secure and lasting retirement income, http://www.americasavesweek.org/. You can also help by spreading the word to your friends and family. All of us deserve to be empowered to make financial decisions that are in our best interest and help us build a nest egg that meets our needs. America Saves Week is a terrific opportunity to do that, and I hope you’ll take advantage of it.

Phyllis C. Borzi is the Assistant Secretary of Labor for the Employee Benefits Security Administration.

EVENT DETAILS:

WHERE: Bunker Hill Community College, Lecture Hall C202. 250 New Rutherford Avenue, Boston, Mass. 02129.
WHEN: Saturday, February 25, 2012, 12:30pm – 3:30pm
REGISTRATION: The forum is free and open to the first 200 registrants. Please register as soon as possible by email to Meredith Regine at regine.meredith.e@dol.gov or by fax at (202) 219-5526.

(Work in Progress)

Dr. Biden and I just visited DG Medical in Centerville, Ohio, to hear about the incredible BioOhio Workforce development partnership that is helping community colleges like Sinclair Community College prepare Ohioans for jobs in the growing biomedical manufacturing industry.

Sinclair is working with former GM/Delphi employees and other dislocated workers to get retraining to perform jobs making medical devices and life-saving drugs. They are part of a BioOhio partnership that has brought together industry leaders and six Ohio community colleges to match workforce needs with course offerings.

The ambitious goal is to graduate 700 Ohioans and place them in biosciences jobs as clean technicians, shipping clerks, packaging experts, manufacturing technicians and test engineers.  More than half of existing program graduates already have found good-paying jobs in this field. Also, incumbent workers are being trained to move up the career ladder to become team leaders and front-line supervisors.

Watching this unique partnership at work illustrates why health care industry job growth continues to help drive our recovery forward.

Want to join the conversation by sharing how community colleges and industry partners are working together in your community?  Share your story at http://www.whitehouse.gov/communitycollege/tour and follow and engage with the tour on Twitter with the hashtag #CCtour.

(Work in Progress)

We just saw the great things happening in Cincinnati to train up our next generation of nurses. The average age of the registered nurse is climbing. There are more nurses in their 50s right now than any other age range. They account for almost one-quarter of our nursing workforce. So it’s critical that we prepare for these retirements and train up our next generation of nurses.

Many schools across the country have struggled to meet the rising need for more nursing professionals. With the passage of the Affordable Care Act, more than 32 million Americans will soon gain access to healthcare services, including access to care provided by registered nurses.

The American Association of Colleges of Nursing found that nursing schools turned away more than 67,000 qualified applicants in 2010 due to insufficient number of faculty, clinical sites, classroom space, and budget constraints.  Nine years ago, in response to the urgent nursing shortage, Cincinnati State Technical and Community College began a health careers collaborative with local hospitals. The goal was to train up local workers for entry-level health care jobs like office assistants and medical coders—and help incumbent workers who wanted to continue their education and perhaps become nurses.

Hospitals like Cincinnati Children’s Hospital Medical Center, TriHealth, Mercy Health Partners and University Hospital all signed on. So did the Southwest Ohio Region Workforce Investment Board and a number of local nonprofits.

These partners agreed to give trainees the flexibility, support and coaching they needed to continue their education.

Now, the Cincinnati State collaboration is a national model that recently shared in a $ 19.7 million Department of Labor grant to replicate its winning model nationally. Those who care about fiscal responsibility, take note: This project was named by the U.S. Government Accountability Office as one of 14 best national collaborations between workforce boards and employers.

Share your story about how community colleges and industry partners are working together in your community at  http://www.whitehouse.gov/communitycollege/tour and follow  and engage with the tour on Twitter using the hashtag #CCtour.

(Work in Progress)

As our nation’s economic recovery continues to pick up steam with 3.7 million new jobs added over the last 23 months, America has a powerful secret weapon that can help us fast-track thousands of Ohioans back into meaningful employment in short order: smart investments in our community college system.

While the national 8.3 percent unemployment rate continues to fall to levels unseen since President Obama took office, we still have millions of unfilled job openings and millions of unemployed citizens actively looking for work. It’s time to connect the dots.

That’s why today in Columbus, Dr. Jill Biden and I are kicking off a three-day bus tour through three cities in Ohio and communities in Kentucky, Virginia, Tennessee and North Carolina to highlight President Obama’s proposal to create an $ 8 billion Community College to Career Fund (CC2C).

Dr. Biden, wife of Vice President Joe Biden, is a community college professor and I began my public service career as a community college trustee in California. We both know that there is so much talent in our community college system.

Dr. Jill Biden and I are kicking off a three-day bus tour through three cities in Ohio and communities in Kentucky, Virginia, Tennessee and North Carolina to highlight President Obama’s proposal to create an $ 8 billion Community College to Career Fund.

Never in our nation’s history has it been more important for workers to continue their education after high school. Community colleges are unique. They understand the needs of local employers. They are affordable. And they can adapt training programs quickly to meet regional needs.

Moreover, Americans with an associates degree earn nearly $ 8,000 more a year than those with a high school diploma alone.

Under the President’s plan, our community colleges will work with industry partners to develop training programs that meet the needs of local job creators. The fund builds on successful Department of Labor investments that have helped hundreds of community colleges hire faculty and staff, equip their training centers, and develop curriculums.

The President’s proposal would:

• Provide workers with the latest certified training and skills for jobs in high-growth and in-demand industries;
• Support paid internships for low-income students so they can earn school credit for work-based learning and gain relevant employment experience in high-wage fields;
• Establish public-private partnerships to encourage businesses to invest in America through grants that support companies locating to jurisdictions with pools of highly qualified local workers; and
• Create pathways to entrepreneurship for five million Americans through intensive programs that help participants open their own small businesses.

Columbus State Community College has worked with 16 central Ohio logistics companies to train more than 1,000 workers for local jobs that are open right now, ranging from warehouse workers to freight handlers to dispatchers to inventory specialists. And they are providing 400 incumbent workers the skills they need to move up the career ladder into leadership positions as team leaders and front-line supervisors.

The Columbus program has a 76 percent job placement rate. School officials are now busy expanding their model into other industries with local workforce shortages, such as information technology and insurance careers.

What’s working in Columbus can work across the nation. And community colleges can play a major role in meeting President Obama’s goal of having the most highly-educated, highly-trained workforce in the world.

The President’s goal is to graduate an additional five million students from our community college system by 2020. That’s because community colleges will help prepare workers for jobs that are open today in industries that will still be hiring tomorrow.

America’s future will only be as strong as the industries we create and grow, and that means we must support our entrepreneurs, our workers and the institutions that train them.  

By making this commitment to education and meaningful skills training for local job seekers, we can educate our citizens, open new career pathways, restore our prosperity and create an America that’s truly built to last.

Please join the conversation by sharing how community colleges and industry partners are working together in your community.  Share your story at  http://www.whitehouse.gov/communitycollege/tour  and follow and engage with the tour on Twitter with the hashtag #CCtour.

(Work in Progress)

In-home caregivers provide a vital service by assisting their clients with day-to-day tasks.

Sometimes that service translates into acts of heroism, as Gilda Brown discovered one day when her client summoned her to ask if she smelled something burning. When Brown went to investigate, she found the client’s furnace in flames. The client was physically incapable of exiting the house without assistance, so Brown told her to call the fire department while she went to the basement to try to smother the flames.

“Don’t leave me here and let me die,” Brown recalled on December 15, a few hours after President Obama announced a proposed rule that would ensure fair pay for caregivers like her. “Don’t worry about it; I’m not – even if I have to put you on my back.”

Grabbing the rags she used to clean the house, Brown beat back the flames before the fire department arrived.

Such quick-thinking, resourcefulness and dedication are typical characteristics of homecare workers, many of whom describe their work as a calling – speaking of their clients as “family,” and talking about the satisfaction they get from serving others. Many of the workers put in long hours, working overtime even though they don’t get paid for it.

As longtime caregiver Elma Phillips says, “If we were to categorize why we are doing this job, it wouldn’t be for the money.”

Although money may not be their primary objective, many of the workers have expressed frustration at the fact that their work is currently exempt from federal laws that require minimum wage and overtime protections. The work they do is important and deserves fair compensation. Yet, due to an exemption to the Fair Labor Standards Act for “companions” – an exemption that was originally intended to cover “elder sitting” services similar to casual babysitting – many in-home caregivers do not receive minimum wage and overtime pay.

Although some states do offer some wage protections for the industry, minimum wage and overtime are not guaranteed for these workers as they are for almost every other employee in the United States.

The vast majority of the 1.8 million people employed as in-home care workers are professional caregivers who provide a variety of services. They feed and bathe their clients. They clean their houses, take them shopping, provide transportation, monitor their health and go to the doctor’s office with them.

“You have to be the confidant, you have to be the psychiatrist, the therapist, everything. Some of them, you’re the only person that they see,” says Phillips. “We are the lifeline for them.”

Protecting these workers is a priority for the department, which is why we’ve proposed a rule to provide them with the minimum wage and overtime protections most American workers already receive under the Fair Labor Standards Act. We believe this proposal will attract more qualified professionals to this important profession, improve the quality of care available, and offer greater financial support to the men and women who have made personal service a professional duty.

To learn more about this proposed rule, please visit http://www.dol.gov/whd/flsa/companionNPRM.htm. Read Secretary Solis’ blog on the subject here.

In order to provide additional time to comment on the proposal, the department has extended the comment period to Monday, March 12. Interested parties are invited to submit comments on or before March 12 at http://www.regulations.gov/#!documentDetail;D=WHD-2011-0003-0001.

Editor’s Note: The author, Mary Ziegler is the Director of Regulations, Legislations and Interpretation for the department’s Wage and Hour Division.

(Work in Progress)