[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 555 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
S. RES. 555

   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 13, 2012

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

_______________________________________________________________________

                               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
    Resolved, 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.
                                 <all>