S.Res. 555 (112th): A resolution supporting the goals and ideals of “National Save for Retirement Week”, including raising public awareness ...

...of the various tax-preferred retirement vehicles and increasing personal financial literacy.

112th Congress, 2011–2013. Text as of Sep 22, 2012 (Resolution Agreed to).

Status & Summary | PDF | Source: GPO

III

112th CONGRESS

2d Session

S. RES. 555

IN THE SENATE OF THE UNITED STATES

September 13, 2012

(for himself, Mr. Enzi, and Mr. Cardin) submitted the following resolution; which was referred to the Committee on Health, Education, Labor, and Pensions

September 22 (legislative day, September 21), 2012

Committee discharged; considered and agreed to

RESOLUTION

Supporting the goals and ideals of National Save for Retirement Week, including raising public awareness of the various tax-preferred retirement vehicles and increasing personal financial literacy.

Whereas people in the United States are living longer, and the cost of retirement is increasing significantly;

Whereas Social Security remains the bedrock of retirement income for the great majority of the people of the United States but was never intended by Congress to be the sole source of retirement income for families;

Whereas recent data from the Employee Benefit Research Institute indicates that, in the United States, less than 3/5 of workers or their spouses are currently saving for retirement, and the actual amount of retirement savings of workers is much less than the amount needed to adequately fund their retirement years;

Whereas the financial literacy of workers in the United States is important to their understanding of the need to save for retirement;

Whereas saving for retirement is a key component to overall financial health and security during retirement years, and the importance of financial literacy in planning for retirement must be advocated;

Whereas many workers may not be aware of their options in saving for retirement or may not have focused on the importance of, and need for, saving for retirement;

Whereas many employees have available to them, through their employers, access to defined benefit and defined contribution plans to assist them in preparing for retirement, yet many of those employees may not be taking advantage of those plans at all or to the full extent allowed by Federal law;

Whereas the need to save for retirement is important even during economic downturns or market declines, which make continued contributions all the more important;

Whereas all workers, including public and private sector employees, employees of tax-exempt organizations, and self-employed individuals, can benefit from developing personal budgets and financial plans that include retirement savings strategies and taking advantage of tax-preferred retirement savings vehicles; and

Whereas October 21 through October 27, 2012, has been designated as National Save for Retirement Week: Now, therefore, be it

That the Senate—

(1)

supports the goals and ideals of National Save for Retirement Week, including raising public awareness of the importance of saving adequately for retirement;

(2)

supports the need to raise public awareness of the availability of a variety of ways to save for retirement which are favored under the Internal Revenue Code of 1986 and are utilized by many people in the United States, but which should be utilized by more; and

(3)

calls on the States, localities, schools, universities, nonprofit organizations, businesses, other entities, and the people of the United States to observe National Save for Retirement Week with appropriate programs and activities, with the goal of increasing the retirement savings and personal financial literacy of all people in the United States.