[Congressional Record Volume 155, Number 119 (Monday, August 3, 2009)]
[Senate]
[Pages S8699-S8700]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   NATIONAL SAVE FOR RETIREMENT WEEK

  Mr. DODD. Mr. President, I ask unanimous consent the Senate proceed 
to the immediate consideration of S. Res. 234, submitted earlier today.
  The PRESIDING OFFICER. The clerk will report the resolution by title.
  The legislative clerk read as follows:

       A resolution (S. Res. 234) supporting the goals and ideals 
     of National Save for Retirement Week 2009.

  There being no objection, the Senate proceeded to consider the 
resolution.
  Mr. DODD. Mr. President, I ask unanimous consent the resolution be 
agreed to, the preamble be agreed to, the motions to reconsider be laid 
upon the table, with no intervening action or debate, and any 
statements be printed in the Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The resolution (S. Res. 234) was agreed to.
  The preamble was agreed to.
  The resolution, with its preamble, reads as follows:

                              S. Res. 234

       Whereas people in the United States 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 save 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 saving for retirement is a key component to overall 
     financial health and security during retirement years;
       Whereas many workers may not be aware of retirement savings 
     options, or may not have focused on the importance of, and 
     need for, saving for retirement;
       Whereas many employees have access to defined benefit and 
     defined contribution

[[Page S8700]]

     plans to help prepare for retirement, yet many may not take 
     advantage of employer-sponsored defined contribution plans at 
     all or to the full extent allowed by the plans under Federal 
     law;
       Whereas many workers saving for retirement through tax-
     preferred savings plans have experienced declines in account 
     values due to the recent economic downturn and market 
     decline, 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 the advantages of tax-
     preferred savings plans, and from increased awareness of the 
     need to develop personal budgets, and financial plans; and
       Whereas October 18 through October 24, 2009, has been 
     designated as ``National Save for Retirement Week 2009'': 
     Now, therefore, be it
       Resolved, That the Senate--
       (1) supports the goals and ideals of National Save for 
     Retirement Week 2009;
       (2) supports efforts to raise public awareness of the need 
     to use efficiently the substantial tax revenues, estimated to 
     exceed $127,000,000,000 for the fiscal year 2009 budget, that 
     subsidize retirement savings;
       (3) supports efforts to raise public awareness of the 
     importance of saving adequately for retirement and of the 
     availability of tax-preferred employer-sponsored retirement 
     savings plans; and
       (4) calls on 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 for all the 
     people in the United States.

                          ____________________