[Congressional Record Volume 153, Number 110 (Wednesday, July 11, 2007)]
[Senate]
[Page S9057]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   NATIONAL SAVE FOR RETIREMENT WEEK

  Mr. REID. Madam President, I ask unanimous consent that the Judiciary 
Committee be discharged from further consideration and the Senate now 
proceed to the consideration of S. Res. 240.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The clerk will report the resolution by title.
  The legislative clerk read as follows:

       A resolution (S. Res. 240) designating October 21 through 
     October 27, 2007, as ``National Save for Retirement Week.''

  There being no objection, the Senate proceeded to consider the 
resolution.
  Mr. REID. Madam President, I ask unanimous consent that the 
resolution be agreed to, the preamble be agreed to, and the motion to 
reconsider be laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The resolution (S. Res. 240) was agreed to.
  The preamble was agreed to.
  The resolution, with its preamble, reads as follows:

                              S. Res. 240

       Whereas the cost of retirement continues to rise, in part, 
     because people in the United States are living longer than 
     ever before, 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 is realistically 
     needed to adequately fund 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;
       Whereas many employees may not be aware of their retirement 
     savings options and may not have focused on the importance of 
     and need for saving for their own retirement;
       Whereas many employees may not be taking advantage of 
     workplace defined contribution plans at all or to the full 
     extent allowed by the plans or under 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 for retirement and the availability of tax-
     advantaged retirement savings vehicles to assist them in 
     saving for retirement: Now, therefore, be it
       Resolved, That the Senate--
       (1) designates October 21 through October 27, 2007, as 
     ``National Save for Retirement Week'';
       (2) supports the goals and ideals of National Save for 
     Retirement Week, including raising public awareness about the 
     importance of adequate retirement savings and the 
     availability of employer-sponsored retirement plans; and
       (3) calls on the Federal Government, States, localities, 
     schools, universities, nonprofit organizations, businesses, 
     other entities, and the people of the United States to 
     observe the week with appropriate programs and activities 
     with the goal of increasing the retirement savings of all the 
     people of the United States.

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