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The Michigan Office of Retirement Services (ORS) has been named a Savings Champion Award winner by America Saves.
ORS was celebrated for effectively and actively promoting savings strategies during America Saves Week, which ran April 8-12 during Financial Literacy Month. ORS was among 18 organizations honored out of more than 4,600 participants.
“In a defined contribution world, you generate retirement income through savings,” ORS Executive Director Anthony Estell said. “And the responsibility for saving falls to our participants. We want to help our participants balance today’s needs with their future goals, so that they can save as much as they can, when they can.”
For America Saves Week, ORS urged saving for what matters most and highlighted savings strategies that help with retirement savings. Examples include paying down debt (which is a form of saving) and saving automatically, for the unexpected, for major milestones, and at any age.
During America Saves Week, ORS and the other participating organizations — including the Michigan Education Trust and the Michigan Department of Insurance and Financial Services — helped encourage an estimated $354 million worth of deposits into new and existing accounts. Additionally, 231,000 new accounts were opened and 64,000 increased their automatic saving transfers or deposits into existing savings accounts.
America Saves Week is part of America Saves, a campaign managed by the nonprofit Consumer Federation of America.
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