[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 649 Agreed to Senate (ATS)]

111th CONGRESS
  2d Session
S. RES. 649

   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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 27, 2010

   Mr. Conrad (for himself, Mr. Enzi, and Mr. Cardin) submitted the 
        following resolution; which was 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 \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 financial literacy is an important factor in United States workers' 
        understanding of the true need to save for retirement;
Whereas saving for one's retirement is a key component to overall financial 
        health and security during retirement years, and the importance of 
        financial literacy in planning one's retirement must be advocated;
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 those employees may not be taking 
        advantage of those plans at all or to the full extent allowed by those 
        plans as prescribed by Federal law;
Whereas the need to save for retirement is important, even during economic 
        downturns or market declines, making 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 increased awareness of the need to develop personal budgets and 
        financial plans that include retirement savings strategies and to take 
        advantage of the availability of tax-preferred savings vehicles to 
        assist them in saving for retirement; and
Whereas October 17 through October 23, 2010, has been designated as ``National 
        Save for Retirement Week'': Now, therefore, be it
    Resolved, That the Senate--
            (1) supports the goals and ideals of ``National Save for 
        Retirement Week'', including raising public awareness of the 
        various tax-preferred retirement vehicles as important tools 
        for personal savings and retirement financial security;
            (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 Americans, but which should be utilized by 
        more;
            (3) supports the need to raise public awareness of the 
        importance of saving adequately for retirement and the 
        continued existence of tax preferred employer-sponsored 
        retirement savings vehicles; and
            (4) 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 retirement savings for all the people of 
        the United States.
                                 <all>