[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.
____________________