[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 601 Agreed to Senate (ATS)]







110th CONGRESS
  2d Session
S. RES. 601

Designating October 19 through October 25, 2008, as ``National Save for 
                           Retirement Week''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 25, 2008

    Mr. Smith (for himself and Mr. Conrad) submitted the following 
    resolution; which was referred to the Committee on the Judiciary

           September 18 (legislative day, September 17), 2008

             Committee discharged; considered and agreed to

_______________________________________________________________________

                               RESOLUTION


 
Designating October 19 through October 25, 2008, as ``National Save for 
                           Retirement Week''.

Whereas Americans are living longer and the cost of retirement continues to 
        rise, in part because the number of employers providing retiree health 
        coverage continues to decline, and retiree health care costs continue to 
        increase at a rapid pace;
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 \2/3\ of workers or their spouses are 
        currently saving for retirement, and that the actual amount of 
        retirement savings of workers lags far behind the amount that will be 
        needed to adequately fund their retirement years;
Whereas many workers may not be aware of their options for saving for retirement 
        or may not have focused on the importance of, and need for, saving for 
        their own 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 them may not be taking advantage 
        of employer-sponsored defined contribution plans at all or to the full 
        extent allowed by the plans as prescribed by Federal law; and
Whereas all workers, including public- and private-sector employees, employees 
        of tax-exempt organizations, and self-employed individuals, can benefit 
        from increased awareness of the need to save adequate funds for 
        retirement and the availability of preferred savings vehicles to assist 
        them in saving for retirement: Now, therefore, be it
    Resolved, That the Senate--
            (1) designates October 19 through October 25, 2008, as 
        ``National Save for Retirement Week'';
            (2) supports the goals and ideals of National Save for 
        Retirement Week;
            (3) supports the need to raise public awareness of 
        efficiently utilizing substantial tax revenues that currently 
        subsidize retirement savings, revenues in excess of 
        $170,000,000,000 for the fiscal year 2007 budget;
            (4) supports the need to raise public awareness of the 
        importance of saving adequately for retirement and the 
        availability of tax-preferred employer-sponsored retirement 
        savings vehicles; and
            (5) calls on States, localities, schools, universities, 
        nonprofit organizations, businesses, other entities, and the 
        people of the United States to observe this week with 
        appropriate programs and activities with the goal of increasing 
        retirement savings for all the people of the United States.
                                 <all>