th service announcem Saves W eek and Military Saves W ents, and the 12eek and year of our Am are being seen around the world (the US erican Savings Education Council President’s Report —Dallas L. Salisbury Military uses them program. Computer m on their world network and onboard ships). odeling efforts, begun with a review of what models existed at ® other organizations in 1983, have continued to mature, with the Ballpark E$timate January 2008 2008 also will add another year to the m Monte Carlo planning tool scheduled to be online before the end of 2008. EBRI began any ongoing survey, data, and report programs noted above. For exam educating the public on all em ple, mo ployee benefits re sponsors have signed up to support the 2008 Retirem with its pamphlet series in 1980, and we ent EBRI President’s Report Confidence Survey and the 2008 Health Confiden just compled the sixth edition of Fundamentals of Employee Benefit Programs ce Survey than in any prior year. Our , a book 2007 Annual Report 2008 reports on retirem that grew out of that early project, ent savings—the IR updated for the Pension Protection Act. A and 401(k) systems—should be more com prehensive than anything we have ever been able to develop, with some data going The Founders of EBRI saw the need for an organization focused on financial security: ® back to our 1996 401(k) starting po The Choose to Save public service announcem int. Updatede and enhanced m nts (PSAs) drove hundreds of thousands odels will bring new savings, retirement, health, and on public and private employee benefit programs. They studies du of citizens to choosetosave.org, and over ring the year on the role of annuitie 500,000 citizens completed (just at the CTS s in life-long income security and projected believed that programs in these areas served an essential function in the United States, by ® accum Web site) th ulations likely to be achiev e Ballpark E$timate e worksheet. And, the Natio d in the current retirement system nal Academy of Television . And much more. providing citizens with opportunities to achieve financial security. They sought to ® Arts and Sciences awarded the Choose to Save “Savingsman” campaign the Local establish an organization that would “tell it like it is” with “just the facts.” An ® Mem Public Service Announcem bership has continued to be strong. W ent Emmy Award for 2007. e enter 2008 with more Sustaining and other organization that would build data series and educate year-in and year-out on issues, levels of m embers than in any previous year, with continued broad diversity across all whether they were hot or not, so that analysis/data for a long series of years would be sector EBRI reports were a re s and all interests, a source to rep nd more funding and strategic partners for our research and orters around the world, as evidenced by our ranking available when needed, and encourage others to conduct research and undertake education education program by a third-party study as one of s. Total operating reve the 20 most-cited think tanks nue in 2007 for EBRI and the E by the news m BRI Education edia. EBRI on financial security and employee benefits. An organization that would publish and Research Fund was $5.1 m reports were among the most frequently dow illion; total ope nlo rating expenses $5.2 m aded at the SSRN academ illion. Net operating ic research Web whatever work it did, and respond with objectivity and without bias to all requests from incom site, and are am e had been budgeted at ($144,950) and en ong the most frequently cited in GAO reports and in testimony before ded up at ($94,458). Total cash reserves the government, the media, Members, and the public, and not as an advocate or opponent (as of 12/31/2007) were at $11.1 m Congress by witnesses for other organizations, wh illion. Interest incom en the hearing or report topic is related e for 2007 was $569,000, of any position. providing a net addition to total reserves of to savings, retirement, health or employee benefits. just over $475,000. This was consistent with In late 2007 the Executive Committee and the Board examined where EBRI stood relative a decision by the Board m ade several years ago that (1) total reserves equal to two years to where it should be, and concluded that both the mission and the vision were being operating expenses was adequate and (2) to During 2007, EBRI relocated to new offices, upgr dedicate all operating income, plus som aded systems and Web sites, expanded e achieved. They also felt that the statement of mission, and the vision statement, could inte the m rest inco embership, and enhanced its working me, to fulfillment of the mission and vision of EBRI. relationship with many organizations. With both benefit from a “branding” review. That work is underway. the 2008 election campaign already underway, EBRI is completing new issues sections on its Web sites as a resource to campaigns and the media, as well as to everyone who wants They also embraced the central role that the 401(k) database (developed since 1994, The team to better understand the f at EBRI has a wide diversity acts that surround the issues under deba of experience, long tenure, and high-value te. During the course of which now includes data on over 21 million plan participants), combined with the IRA historical knowledge/hum 2008, EBRI will work to enhance its tools, data an capital. Their loyalty and focus are functions of belief in bases, and models, in order to be well- database (now in development), and the resulting “EBRI Retirement Account Database,” m position ission and vision, and appreciation f ed to meet expected demands in 2009 an or the dedication of our Mem d beyond, as the new president and th bers to having EBRI e can play in providing the most comprehensive analysis ever available of workers’ “tell it like it is” with “ju new Congress face the da sunting fiscal, health, an t the facts.” For myself, and on behalf of d financial security issu the team, I say thank es that all of the preparation for retirement. With IRA assets now nearly double 401(k) assets, and with you. candidates are talking about. Recent reports from the Government Accountability Office the dollar value of rollovers from employer plans likely to explode as the baby boom (www.gao.gov) and the Congressional Budget Office (www.cbo.gov) make it clear that moves into retirement, only this type of comprehensive database will be capable of the fiscal and entitlement program challenges are actually far greater than the candidates providing policymakers, Members, and the public with the information they will need for have acknowledged. This makes data that EBRI will provide for the “zero based” informed decision-making in the future. reviews that are underway of the effectiveness of current health and retirement savings tax incentives essential. The growing role and responsibility of nearly all individual workers (regardless of education, income, employer size, or employment sector) in assuring their own long-term Dallas Salisbury EBRI is working with other organizations to build public awareness of what individuals health and financial security is becoming conventional wisdom. Most workers always President & CEO can do to build health and financial security, and to better understand their needs and carried this responsibility beyond Social Security, but now it is also the case for even the EBRI opportunities. One such effort falls the week of February 24–March 2: America Saves most secure and highest income segments of our workforce. The work of EBRI continues Week. An AmericaSavesWeek.org Web site has been developed to provide individuals, to help organizations, individuals, the media, and policymakers understand the numbers, employers, media, and others with things they can do during that week (and during the the reactions, and the implications of this evolving world of health and financial security. following 51 weeks) to move toward financial and health security. EBRI will continue th th During 2007, EBRI released the 17 Retirement Confidence Survey, the 10 Health working with many public and private partners through its American Savings Education th th ® Confidence Survey, the 26 annual update on retirement program coverage, the 24 Council, and will continue development and distribution of the Choose to Save public annual update on health insurance coverage and employment-based health insurance, the service announcements, while continuing to enhance both www.ebri.org and th st 11 annual update on the 401(k) system, the 21 year of the Pension Investment Report www.choosetosave.org . CTS PSA’s have been modified to promote both America th ® on total pension assets and asset allocation, the 10 year of Choose to Save public 2 3