[Congressional Record Volume 156, Number 112 (Wednesday, July 28, 2010)]
[House]
[Pages H6189-H6190]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              SUPPORTING NATIONAL SAVE FOR RETIREMENT WEEK

  Ms. SCHWARTZ. Madam Speaker, I move to suspend the rules and agree to 
the resolution (H. Res. 1481) 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.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 1481

       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 
     them may not be taking advantage of such plans at all or to 
     the full extent allowed by such 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 
     including 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 House of Representatives--
       (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 this week with 
     appropriate programs and activities with the goal of 
     increasing retirement savings for all the people of the 
     United States.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Pennsylvania (Ms. Schwartz) and the gentleman from Texas (Mr. Sam 
Johnson) each will control 20 minutes.
  The Chair recognizes the gentlewoman from Pennsylvania.


                             General Leave

  Ms. SCHWARTZ. Madam Speaker, I ask unanimous consent that all Members 
may have 5 legislative days in which to revise and extend their remarks 
and include extraneous material in the Record.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Pennsylvania?
  There was no objection.
  Ms. SCHWARTZ. Madam Speaker, I yield myself such time as I may 
consume.
  Today, I rise in support of the National Save For Retirement Week 
resolution that I have sponsored with my friend and colleague, 
Representative Sam Johnson. He and I have championed this proposal, 
which has passed the House of Representatives in each of the last 3 
years.
  Saving for one's retirement is of paramount importance. Less than 
two-thirds of workers are saving for retirement and those who are 
saving are not saving enough to adequately fund their retirement. As a 
result, too many Americans rely solely on Social Security to fund their 
retirements. Social Security is the bedrock of retirement security and 
retirement income for many Americans. However, on average, Social 
Security retirees today receive $14,000 a year, hardly adequate as the 
sole source of retirement income for most Americans.
  This resolution will help raise public awareness of the importance of 
saving for retirement and encourage greater personal financial 
responsibility. Congress and employers can encourage saving for 
retirement through information on long-term saving vehicles and payroll 
deduction options that currently exist for most American workers.

[[Page H6190]]

  Since the economic downturn, the personal savings rate has risen to 3 
percent, up from 2 years ago when Americans were barely saving at all. 
We can build on this recent experience to raise awareness about the 
need to save for emergencies, for future expenses, and for retirement. 
Small savings throughout one's working lifetime will result in a more 
secure retirement.
  So as we acknowledge the 75th anniversary of Social Security and 
renew our commitment to Social Security's guaranteed minimum benefits 
for future seniors, we should also acknowledge and support this 
resolution and encourage more Americans to save for their retirement.

                                         House of Representatives,


                             Committee on Education and Labor,

                                    Washington, DC, July 28, 2010.
     Hon. Sander M. Levin,
     Chairman, Committee on Ways and Means, House of 
         Representatives, Longworth House Office Building, 
         Washington, DC.
       Dear Chairman Levin: I am writing to you concerning the 
     jurisdictional interest of the Committee on Education and 
     Labor in H. Res. 1481, supporting the goals and ideals of 
     ``National Save for Retirement Week.''
       Our committee recognizes the importance of H. Res. 1481 and 
     the need to move expeditiously. Therefore, while we have a 
     valid claim to jurisdiction over portions of the resolution, 
     I do not intend to request a referral. This, of course, is 
     conditional on our mutual understanding that nothing in this 
     resolution or my decision to forego a referral waives, 
     reduces or otherwise affects the jurisdiction of the 
     Committee on Education and Labor, and that a copy of this 
     letter and your response acknowledging our jurisdictional 
     interest will be included in the Congressional Record during 
     consideration of this resolution by the House.
       Thank you for your consideration in this matter.
           Sincerely,
                                                    George Miller,
     Chairman.
                                  ____

                                         House of Representatives,


                                  Committee on Ways and Means,

                                    Washington, DC, July 28, 2010.
     Hon. George Miller,
     Chairman, Committee on Education and Labor, House of 
         Representatives, Rayburn House Office Building, 
         Washington, DC.
       Dear George: Thank you for your recent letter regarding 
     your committee's jurisdictional interest in H. Res. 1481, 
     supporting the goals and ideals of ``National Save for 
     Retirement Week.''
       I appreciate your willingness to support expediting floor 
     consideration of this important legislation today. I 
     understand and agree that this is without prejudice to your 
     Committee's jurisdictional interests in this legislation.
       I will include a copy of your letter and this response in 
     the Congressional Record during consideration of the bill on 
     the House floor. Thank you for your cooperation.
           Sincerely,
                                                  Sander M. Levin,
                                                         Chairman.

  I reserve the balance of my time.
  Mr. SAM JOHNSON of Texas. Madam Speaker, I yield myself such time as 
I may consume.
  I want to thank my colleague from Pennsylvania for working with me on 
this resolution. This resolution calls attention to the importance of 
saving for retirement by designating October 17 through October 23, 
2010, as National Save For Retirement Week.
  With fewer and fewer employers offering traditional pension plans and 
with Social Security intended to provide only basic income support, 
saving for retirement is more important than ever before. The good 
news, however, is that the tax code offers any number of savings 
incentives that not only are intended to encourage Americans to save 
but also make it easier for them to do so.
  For young workers, just putting away a little bit from each paycheck 
through tax-deferred retirement savings accounts such as a 401(k) plan 
or an IRA can add up to a sizeable nest egg. While young workers may 
not start off with big paychecks, they at least have the benefit of 
time and compound interest on their side. Meanwhile, for older workers 
nearing retirement, the tax code can help by enabling these workers to 
make catch-up contributions.
  With this resolution, it is my hope that we can make more Americans 
aware not just of the importance of saving for retirement but of the 
available tax incentives to do so. By taking advantage of these 
incentives and regularly putting away a little bit, Americans can 
better secure their retirement.
  That's why Ms. Schwartz and I have offered this resolution.
  Mr. Speaker, I yield back the balance of my time.
  Ms. SCHWARTZ. I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Pennsylvania (Ms. Schwartz) that the House suspend the 
rules and agree to the resolution, H. Res. 1481.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the resolution was agreed to.
  A motion to reconsider was laid on the table.

                          ____________________